Genesis recruits a restructuring expert

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According to reports, cryptocurrency lending company Genesis Global Capital has recruited the services of a restructuring consultant in an effort to avoid filing for bankruptcy. The company has asked the investment bank Moelis & Company to investigate any and all of the potential courses of action that may prevent the company’s present condition from becoming even more dire.

Surprisingly, Moelis & Company was one of the companies that assisted Voyager Digital when the company temporarily halted withdrawals and deposits in order to investigate “strategic options.” It did not turn out well for Voyager Digital, as a few days later they filed for Chapter 11 bankruptcy.

On the other hand, those who are aware with the circumstances have emphasized that no decisions about Genesis’s finances have been taken and that it is still feasible for the company to avoid filing for bankruptcy.

Yesterday, it was reported that Genesis would be forced to declare bankruptcy, while at the same time, Binance rejected an investment request from the company. To compensate for the losses that were sustained as a result of the unusual market instability and the rapid collapse of FTX, Genesis is looking to raise around $500 million from investors.

A spokeswoman for Genesis, on the other hand, said that the company did not have any “imminent” intentions to file for bankruptcy. “We are working toward a mutually agreeable resolution to the present situation in an effort to avoid the need of filing for bankruptcy.” According to the spokesman, Genesis is continuing to have productive negotiations with its creditors.

Compiled by Coinbold

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