Bankruptcy Case Of The Expected Crypto Company Postponed To This Date! –

The bankruptcy case of cryptocurrency company Genesis has been postponed to the first hearing. According to court filings, the first hearing in Genesis Capital’s bankruptcy case will be held on January 23.

Genesis Capital’s bankruptcy case postponed

According to court filings, the first hearing in Genesis Capital’s bankruptcy case will be held on January 23. Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York will hear the case. On the matter, Buchanan Ingersoll & Rooney’s bankruptcy attorney, Mark Pfeiffer, said under Chapter 11, known as the restructuring division, companies can propose a restructuring plan to creditors and are allowed to continue their business.

As a first step in bankruptcy proceedings, the court will decide whether Genesis Global Holdco and two of its lender business subsidiaries, Genesis Global Capital and Genesis Asia Pacific (collectively, Genesis Capital), should accept the exemption requested under Section 11. Joint administration of cases by the companies was also requested.

A committee for unsecured creditors will also be appointed by the United States Board of Trustees as part of the proceedings. The committee will have the right to request consultation from companies and participate in the restructuring plan before making important decisions or changes. Court records reveal that twenty of the largest unsecured creditors are usually selected for the committee.

How did the cryptocurrency company get to this point?

Companies have debts of up to $10 billion. Genesis filed for bankruptcy protection on January 19, more than two months after it announced $175 million risk to FTX alongside liquidity problems caused by the crypto exchange’s collapse. cryptocoin.comAs you follow, withdrawals from the Genesis Global Capital platform have been suspended since November 16, 2022.

According to a press release, the Genesis Chapter 11 plan requires that all claims be settled globally and a fund created that will distribute assets to creditors. As part of a ‘dual process’, companies will apparently pursue a ‘sale, raise capital and/or an equity transaction’ which will enable their business to ’emerge under new ownership’.

Genesis Capital’s parent company, Digital Currency Group (DCG), recently denied taking part in filing for bankruptcy, claiming that a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection. Only Genesis’s lenders have filed for bankruptcy protection. Meanwhile, Genesis Global Trading and Genesis’ spot and derivatives trading unit will continue to operate.

Contact us to be instantly informed about the last minute developments. twitterin, Facebookin and InstagramFollow and Telegram and YouTube join our channel!

Risk Disclosure: The articles and articles on do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. does not recommend buying or selling any cryptocurrencies or digital assets, nor is an investment advisor. For this reason, and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.

Disclaimer: Advertisements on are carried out through third-party advertising channels. In addition, also includes sponsored articles and press releases on its site. For this reason, advertising links directed from are on the site completely independent of’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on and the pages directed by the links in the sponsored articles do not bind in any way.

Warning: Citing the news content of and quoting by giving a link is subject to the permission of No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of in violation of intellectual property law and relevant legislation.

Show Disclaimer

source site-3