Bloomberg: Genesis creditors are working with restructuring lawyers to avoid the company declaring bankruptcy

According to ChainCatcher, citing sources familiar with the matter, Genesis's creditors are working with restructuring lawyers to seek options to avoid bankruptcy. Two groups of creditors are collaborating with the law firms Proskauer Rose and Kirkland & Ellis, respectively. A spokesperson for Genesis stated in a statement: "Our goal is to resolve the current state of the lending business without the need for any bankruptcy filings."

ChainCatcher previously reported that Genesis has $2.8 billion in outstanding loans on its balance sheet, of which about 30% were issued to related parties. The company has been trying to raise at least $1 billion in new cash for its lending division. It had previously warned potential investors that if the financing fails, it may need to file for bankruptcy. (Bloomberg)