Bankrupt lender Genesis gives deadline to creditors concerning 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.
