Genesis Global Capital files for bankruptcy: Three Arrows Capital and FTX are to blame
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Genesis Global Capital platform today filed an application insolvency under Chapter 11 of the United States Bankruptcy Code. Applications were submitted on behalf of Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital. The company presented a list of its debt obligations. Genesis recognizes liabilities to its 100,000 creditors of up to $11 billion. Genesis’ top 50 creditors account for about $3.6 billion. Genesis Global Capital management hopes to recover some of the funds during the restructuring. In August, following the massive bankruptcy of hedge fund Three Arrows Capital, Genesis announced that it was going to
Cryptolending platform Genesis Global Capital, part of the Digital Currency Group (DCG), is preparing to file for bankruptcy. According to informed sources Bloombergthe firm will do so in the coming days. The management of the platform conducts confidential negotiations with various groups of creditors in the face of a liquidity…
Two companies, FTX Trading and Genesis Global Holdco, who have been involved in a complicated bankruptcy battle, recently made a major step forward towards settling their issue. The attorneys representing them have reached a settlement they desire to formalize swiftly, which is why they are submitting the papers to a…