Crypto lender Genesis Global Capital is reportedly preparing to file for bankruptcy as early as this week, according to a Bloomberg article Wednesday.
Crypto lender Genesis Global Capital is reportedly preparing to file for bankruptcy as early as this week, according to a Bloomberg article on Wednesday, after the company paused withdrawals since November.
The company has been negotiating a prepackaged bankruptcy plan with its creditors, according to The Block citing anonymous sources. Such creditors may agree to a forbearance period of between one and two years for most of the payments, The Block reported. Creditors will in exchange, receive cash payments and equity in Genesis’s parent company Digital Currency Group, or DCG.
Representatives at Genesis didn’t immediately respond to a request seeking comment for this article. Representatives at DCG declined to comment.
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