Genesis Amends Reorganization Plan as Mediated Talks Continue
Crypto Lender Genesis Seeks to Avoid Bankruptcy
Genesis Global Holdco, a major cryptocurrency lender, has filed a motion Friday asking a US Judge to approve the sale of over $1 billion in assets as part of its ongoing reorganization plan. This move comes as the company looks to avoid bankruptcy after facing financial difficulties in recent months.
Mediated Talks and Asset Sale
Genesis has been engaged in mediated talks with creditors and other stakeholders to reach a consensus on its reorganization plan. The company has also been working to secure new financing to bolster its liquidity position. The proposed asset sale, if approved, would help Genesis raise capital and pay off its outstanding debts.
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