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)
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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.
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Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.