Genesis: Hopes to reach an agreement with creditors before the weekend, considering selling itself to repay debts

ChainCatcher news, Genesis's lawyer told the bankruptcy court judge at a hearing on Monday that they hope to reach an agreement with creditors before the weekend. The lawyer stated, "We are prepared with a timeline and method to expedite this case… we hope to avoid getting embroiled in a protracted litigation that would effectively undermine the value that creditors could have received." Additionally, Genesis is considering selling itself to raise funds to repay creditors. The lawyer added that if the process does not lead to a sale of the business, the equity of GGH as a Holdco entity will be allocated to the creditors of the debtor.
Previously reported, Genesis has liabilities exceeding $5 billion, a figure that far exceeds its assets. According to a statement submitted to the court on Monday, the assets include approximately $150 million in unallocated cash, $500 million in digital assets, $385 million in brokerage accounts, and $505 million in third-party unpaid loans. These assets also include significant amounts owed by its parent company DCG, including a $575 million loan due in May and an $11 billion note due in 2032. (CoinDesk)