Crypto Firm Genesis Files for Chapter 11 Bankruptcy in SDNY (1)

Crypto firm Genesis files for Chapter 11 bankruptcy in Southern District of New York, with estimated liabilities of $1 billion to $10 billion and estimated assets of $1 billion to $10 billion, according to a filing.

• The Chapter 11 plan 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, the company says in a separate statement
  • If the marketing process doesn’t result in a sale or capital raise, creditors will receive ownership interests in reorganized business
• Genesis’s derivatives and spot trading, broker dealer and ...