Crypto Lender Genesis Seeks Quick Exit From Bankruptcy

Crypto lender Genesis is aiming for a relatively quick exit from bankruptcy court after either selling itself or turning its customers into owners.

(Bloomberg) — Crypto lender Genesis is aiming for a relatively quick exit from bankruptcy court after either selling itself or turning its customers into owners.

The company, backed by Barry Silbert’s Digital Currency Group, plans to emerge from Chapter 11 protection no later than May 19, according to bankruptcy court papers. If successful, the four-month restructuring would amount to a much faster process than has been seen for other collapsed crypto lenders like Voyager Digital Ltd. and Celsius Network LLC.

Genesis is seeking bids for all of its assets no later than April 14, the court papers show. If the company doesn’t sell itself to repay customers, they’ll get stock in the post-bankruptcy company.

The case is Genesis Global Holdco LLC, 23-10063, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

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