Loading...

Bankrupt lender Genesis gives deadline to creditors concerning asset sale

Genesis Requests Timetable for Sale Creditor Claims

Contents

Share link:

In this post:

  • Genesis gave a May 22 deadline for creditors to declare how much the company owes them.
  • The company also set June 27 as the deadline for asset sale.

Genesis, the bankrupt lender, has requested a May 22 deadline for creditors to declare how much the company owes them, and June 27 for an auction. According to Genesis, interested bidders must show their interest by May 5. The sale would include lenders Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Trading (the latter of which hasn’t filed for bankruptcy), according to bankruptcy court filings on Thursday.

All three of these entities fall under the umbrella of Digital Currency Group. Bankruptcy court filings have declared that a bidding process has been designed to ensure “the maximization of the value” and potential recoveries for the estate. The process is deemed as “orderly, uniform, and competitive.”

Genesis filed its sale plan in the Southern District of New York Bankruptcy Court for approval at a hearing scheduled for March 30. The company revealed the initial outline in February, and Judge Sean Lane will be presiding over the hearing.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

SEC Chair Gensler reveals when Ethereum ETFs will be approved
Cryptopolitan
Subscribe to CryptoPolitan