Lawyer: Genesis has extended the deadline for mediation with creditors to August 16th for the final time. All parties are "very close" to reaching an agreement.
2023-08-03 01:04
Odaily News: The lawyer for bankrupt cryptocurrency lending company Genesis stated at a hearing on Wednesday that the company has extended the mediation deadline with its creditors for the final time. Company lawyer Sean O'Neal told US bankruptcy judge Sean Lane, "If we do not make substantial progress on a principled deal within the next two weeks, we do not expect to seek further extensions of the mediation period." Therefore, the negotiations must conclude by August 16th.
The lawyer explained that if an agreement is not reached by August 16th, Genesis will proceed with its existing bankruptcy plan with some modifications. This mediation is one of the final obstacles to prevent Genesis from going bankrupt. O'Neal said in the hearing, "To some extent, we need to move forward." He mentioned that the parties are "very close" to reaching an agreement but acknowledged having said similar things before.
Since May, Genesis has been involved in mediation with key stakeholders, including its parent company Digital Currency Group and Gemini Trust Co. They are attempting to salvage a proposed bankruptcy exit plan supported by DCG, but the plan has been rejected by the Official Committee of Unsecured Creditors. (Bloomberg)
Earlier on July 28th, FTX and Genesis reached a preliminary agreement to settle their disputes related to the Chapter 11 bankruptcy case, according to documents filed with US Bankruptcy Judge Sean H. Lane in New York's Southern District. They have applied to the court for an order approving the "settlement."
The agreement will address the claims made by FTX debtors against Genesis debtors in the Chapter 11 litigation and the claims made by Genesis debtors against FTX debtors in the FTX Chapter 11 litigation, but further documentation is required to finalize the settlement.
In order to provide both parties an opportunity to finalize definitive documents regarding the settlement, they have requested the court to stay the filing of any motions related to "motion for relief from stay" and "motion for estimation."
The lawyer explained that if an agreement is not reached by August 16th, Genesis will proceed with its existing bankruptcy plan with some modifications. This mediation is one of the final obstacles to prevent Genesis from going bankrupt. O'Neal said in the hearing, "To some extent, we need to move forward." He mentioned that the parties are "very close" to reaching an agreement but acknowledged having said similar things before.
Since May, Genesis has been involved in mediation with key stakeholders, including its parent company Digital Currency Group and Gemini Trust Co. They are attempting to salvage a proposed bankruptcy exit plan supported by DCG, but the plan has been rejected by the Official Committee of Unsecured Creditors. (Bloomberg)
Earlier on July 28th, FTX and Genesis reached a preliminary agreement to settle their disputes related to the Chapter 11 bankruptcy case, according to documents filed with US Bankruptcy Judge Sean H. Lane in New York's Southern District. They have applied to the court for an order approving the "settlement."
The agreement will address the claims made by FTX debtors against Genesis debtors in the Chapter 11 litigation and the claims made by Genesis debtors against FTX debtors in the FTX Chapter 11 litigation, but further documentation is required to finalize the settlement.
In order to provide both parties an opportunity to finalize definitive documents regarding the settlement, they have requested the court to stay the filing of any motions related to "motion for relief from stay" and "motion for estimation."
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