According to a declaration filed by Genesis interim CEO Derar Islim, the company has more than $5 billion in liabilities – a sum considerably larger than its assets which, according to a presentation to the court on Monday, include approximately $150 million in unencumbered cash, $500 million in digital assets, $385 million in brokerage accounts and $505 million in outstanding loans to third parties. Also among the assets are large sums owed by its parent company, Digital Currency Group (DCG) – a $575 million loan maturing in May and a $1.1 billion promissory note due in 2032.
- Lawyers for Genesis and Its Creditors Are ‘Optimistic’ for a Quick Resolution to Bankruptcy Woes
Lawyers for Genesis and Its Creditors Are ‘Optimistic’ for a Quick Resolution to Bankruptcy Woes
Written by Bankerage Published on January 24, 2023