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Genesis Global Holdco LLC Files for Chapter 11 Bankruptcy Following SEC Lawsuit

Posted on 21. January 2023

• Genesis Global Holdco LLC, a subsidiary of Digital Currency Group (DCG), has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York.
• The filing follows a lawsuit brought by the U.S. Securities and Exchange Commission (SEC).
• Genesis claims to have “ample liquidity to support its ongoing business operations and facilitate the restructuring process.

Genesis Global Holdco LLC, a subsidiary of Digital Currency Group (DCG) and a prime brokerage firm, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The bankruptcy filing came in response to a lawsuit brought against the company by the U.S. Securities and Exchange Commission (SEC).

Genesis’ two lending business subsidiaries, Genesis Global Capital LLC and Genesis Asia Pacific Pte. Ltd., are included in the bankruptcy filing, but other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading have been excluded and are continuing to operate. According to the company, it has proposed a roadmap to an exit through a Chapter 11 plan which “contemplates a dual track process in pursuit of a sale, capital raise and/or equitization transaction that would enable the business to emerge under new ownership.”

Derar Islim, Genesis’ interim CEO, stated that prior to the bankruptcy filing, the company had been attempting to address liquidity issues, including those caused by the default of crypto hedge fund Three Arrows Capital (3AC) and the collapse of crypto exchange FTX. Islim was appointed to his position last August.

The company claims to have more than $150 million in cash on hand that it believes will be “ample liquidity to support its ongoing business operations and facilitate the restructuring process.” It is also confident that its “liquidity position is adequately secured and that the filing will not impact day-to-day operations or client services.”

Given the current state of the crypto market and the ongoing SEC lawsuit, it is unclear how the restructuring process will unfold. It is also uncertain whether the company will ultimately be successful in its attempts to exit Chapter 11 bankruptcy.

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