{"id":542275,"date":"2023-01-22T23:03:48","date_gmt":"2023-01-22T20:03:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/genesis-bankruptcy-case-scheduled-for-first-hearing\/"},"modified":"2023-01-22T23:03:48","modified_gmt":"2023-01-22T20:03:48","slug":"genesis-bankruptcy-case-scheduled-for-first-hearing","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/genesis-bankruptcy-case-scheduled-for-first-hearing\/","title":{"rendered":"# Genesis bankruptcy case scheduled for first hearing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27a074a2ff0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27a074a2ff0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/genesis-bankruptcy-case-scheduled-for-first-hearing\/#%E2%80%9D_Genesis_bankruptcy_case_scheduled_for_first_hearing_%E2%80%9C\" >&#8221; Genesis bankruptcy case scheduled for first hearing &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Genesis_bankruptcy_case_scheduled_for_first_hearing_%E2%80%9C\"><\/span>&#8221; Genesis bankruptcy case scheduled for first hearing &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvODI5Y2M2MDUtMGFhMC00YmE1LWIwMWEtODA0NzRmYTRlMzk4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>The first hearing in Genesis Capital&#8217;s bankruptcy case will be held on January 23 at 2:00 pm (EST), according to court filings. Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York will hear the case.<\/p>\n<p>Under Chapter 11, known as the reorganization chapter, companies can propose a reorganization plan to creditors, while allowed to continue operating its business, told Cointelegraph Mark Pfeiffer, bankruptcy attorney at law firm Buchanan Ingersoll &amp; Rooney.<\/p>\n<p>As the first step in the bankruptcy proceedings, the court will decide whether to accept the relief requested under Chapter 11 by Genesis Global Holdco and two of its lending business subsidiaries, Genesis Global Capital and Genesis Asia Pacific &#8211; collectively known as Genesis Capital. A joint administration of the cases was also requested by the companies.<\/p>\n<p>A committee for unsecured creditors will also be <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed by the United States Trustee as part of the proceedings. The committee will have the right to demand from the companies to be consulted before making major decisions or changes, and to participate in the reorganization plan. Twenty of the largest unsecured creditors are usually selected for the committee, court filings<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.justice.gov\/ust-regions-r02\/page\/file\/1563331\/download\"> reveal<\/a>. <\/p>\n<p><em><strong>Related: Gemini and Genesis\u2019 legal troubles stand to shake up industry further<\/strong><\/em><\/p>\n<p>With liabilities up to $10 billion, the companies filed for bankruptcy protection on Jan. 19, more than two months after disclosing a $175 million exposure to FTX, along with liquidity issues caused by the crypto exchange collapse. Withdrawals have been suspended from Genesis Global Capital&#8217;s platform since Nov. 16 2022.<\/p>\n<p>Genesis Chapter 11 plan calls for a global resolution of all claims through, and the creation of a trust that will distribute assets to creditors, according to a press release. Under a \u201cdual track process\u201d, the companies will pursue the \u201csale, capital raise, and\/or an equitization transaction&#8221; that would apparently enable its business &#8220;to emerge under new ownership.\u201d<\/p>\n<p>Genesis Capital\u2019s parent company, Digital Currency Group (DCG), recently denied involvement in the bankruptcy filing, claiming that a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection. Only Genesis\u2019 lending entities have filed for bankruptcy protection. Genesis Global Trading and Genesis\u2019 spot and derivatives trading entity will remain operational.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/genesis-bankruptcy-case-scheduled-for-first-hearing\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Genesis bankruptcy case scheduled for first hearing &#8220; The first hearing in Genesis Capital&#8217;s bankruptcy case will be held on January 23 at 2:00 pm (EST), according to court filings. Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York will hear the case. Under Chapter 11,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":542276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/829cc605-0aa0-4ba5-b01a-80474fa4e398.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[90192,77595,4978,117],"class_list":["post-542275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-digital-currency-group","tag-lending","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=542275"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/542276"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=542275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=542275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=542275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}