NEW YORK--(BUSINESS WIRE)--Jan 23, 2023--
Genesis Global Holdco, LLC (“Genesis” “GGH” or the “company”) today announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of New York (the “court”) for all the first day motions related to its Chapter 11 filed on January 19, 2023.
As previously announced, the Chapter 11 filing includes GGH and two of its lending business subsidiaries, Genesis Global Capital, LLC (“GGC”) and Genesis Asia Pacific Pte. Ltd. (“GAP”). Genesis’s other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.
“We commenced an in-court restructuring after thoroughly evaluating all potential options with our advisors. We firmly believe that this process represents the best path to continue advancing the ongoing, productive conversations with our stakeholders to identify an equitable solution,” said Derar Islim, Interim CEO, Genesis. “We are pleased by the court’s approval of our first day motions, which enable Genesis to continue serving our trading clients while we move through our restructuring on a parallel track. I am proud to be a part of our dedicated and talented team through the restructuring and beyond as we work together to strengthen our business for the future.”
All aspects of the restructuring process are being overseen by an independent special committee of the company’s board of directors with ongoing executive leadership from Interim CEO Derar Islim.
For more information on the Chapter 11 filing, including access to court documents, please visit https://restructuring.ra.kroll.com/genesis.
Moelis & Company is acting as financial advisor to the company. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel. Alvarez & Marsal is serving as restructuring advisor.
About Genesis
Genesis is a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors. Genesis combines unrivaled operational excellence, a seamless user experience, and best-in-class client service to provide the full suite of services global investors require to manage their digital asset portfolios.
The firm offers sophisticated market participants a fully integrated platform to trade, borrow, lend, and custody digital assets, creating new opportunities for yield while increasing capital efficiency for counterparties.
For more information on Genesis, please visit genesistrading.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230123005811/en/
CONTACT: Media
KEYWORD: NEW YORK SINGAPORE UNITED STATES NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: TECHNOLOGY PROFESSIONAL SERVICES DIGITAL CASH MANAGEMENT/DIGITAL ASSETS FINANCE
SOURCE: Genesis
Copyright Business Wire 2023.
PUB: 01/23/2023 07:40 PM/DISC: 01/23/2023 07:39 PM
Copyright Business Wire 2023.
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