Genesis Requests Timetable for Sale, Creditor Claims
The company wants to sell off its business after filing for bankruptcy on Jan. 19.
Mar 17, 2023 at 10:07 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JWWJW6UCCRFOZKANY5XEQIMT5E.jpg)
(Javier Zayas Photography/Getty Images)
Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.
Bankrupt lender Genesis has requested a May 22 deadline for creditors to say how much they are owed by the company, and June 27 for an auction, according to bankruptcy court filings dated Thursday. Bidders considering buying Genesis would have to show interest by May 5.
The sale would comprise lenders Genesis Global Capital and Genesis Asia Pacific, as well as Genesis Global Trading, the last of which has not filed for bankruptcy. All three fall under the umbrella of Digital Currency Group, which also owns CoinDesk.
“The bidding procedures are designed to encourage competitive bidding and thereby maximize the value of the Sale and potential recoveries” for the estate, one filing reads, adding that it constitutes an “orderly, uniform and competitive process.”
The plan was submitted by the company for approval in a bankruptcy court in the Southern District of New York.
Genesis unveiled the outline of its sale plan back in February. Judge Sean Lane will consider the request at a March 30 hearing.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/VDk3MowyGg2DUxeRJFgGIHdZ6SE=/arc-photo-coindesk/arc2-prod/public/ZHFQDVVL5ZHVNGH7MTIESP35ZU.jpg)
Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2YBEYYSYUBC7XPEAWP763IKPKA.png)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/EJRBZU6XZ5GAZCOGKM7EVVCFX4.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HWIQRCPMQRF6BLLQPPHZZ7JIVQ.png)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2ACUZMITE5AVHBOB6H4T2LSZXQ.jpg)