Genesis has hired an investment bank to explore possibilities including bankruptcy, with DCG owing approximately $575 million

ChainCatcher news, according to a report by The New York Times citing informed sources, Genesis Global Capital has hired investment bank Moelis & Company to explore options including bankruptcy. Genesis has not made any final decisions and may still avoid filing for bankruptcy protection. Additionally, Bloomberg reported that Genesis has $2.8 billion in outstanding loans on its balance sheet, of which approximately 30% were issued to related parties, including its parent company DCG.

Furthermore, DCG founder and CEO Barry Silbert revealed that DCG has about $575 million in liabilities to Genesis Global Capital, which are due in May 2023. Silbert cautioned investors about the $1.1 billion promissory note maturing in June 2032, noting that this is related to liabilities associated with Genesis's default with Three Arrows Capital.

Silbert stated that, aside from this, DCG's only debt is a $350 million credit facility provided by several lenders led by Eldridge. DCG has only raised $25 million in equity capital and is expected to achieve $800 million in revenue this year. (The New York Times)