Carbon Chain Value APP News, Genesis lawyers told the bankruptcy court judge at a hearing on Monday that it hopes to reach an agreement with creditors by the end of this week."We have timetables and methods in place to try this case as quickly as possible ... hoping to avoid getting involved in a protracted litigation case that would actually destroy the value that creditors could otherwise have received," the lawyer said. In addition, Genesis is considering selling itselfTo raise funds to pay off creditors.If the process does not result in a sale of the business, the equity in GGH, which is a Holdco entity, will be distributed to the debtor's creditors, the lawyer added.
As previously reported, Genesis has liabilities of more than $5 billion, an amount far greater than its assets, which, according to a statement filed with the court on Monday, include approximately $150 million in unencumbered cash, $50 billion in digital assets, $3.85billion in brokerage accounts and $505 million in outstanding third-party loans.Those assets also include large sums owed by its parent DCG, including a $575 million loan due in May and a $1.1 billion promissory note due in 2032.(CoinDesk)