According to Genesis, the company failed to meet obligations to the 50 largest creditors in the amount of more than $3.6 billion. The company’s total debt obligations may reach $11 billion.
According to The Block, citing sources close to Genesis, the company has prepared a detailed list of its debt obligations. According to the documents, Genesis has listed more than 100,000 of its creditors with total liabilities of up to $11 billion. Genesis’ top 50 creditors account for about $3.6 billion.
In particular, the list of the largest creditors is headed by Gemini Trust Company with a claim for $766 million and the Dutch exchange Bitvavo with €280 million. The company owes $150 million to Mirana and Babel Finance cryptocurrencies funds. VanEck New Finance, Plutus Lending, Abra and Cumberland DRW follow with claims totaling more than $100 million.
Notably, Genesis did not disclose the ownership of several large claims, including one for $500 million, citing private investment from cryptocurrency savings platform Donut. The law firms Kirkland & Ellis and Proskauer Rose are entrusted with negotiating with Genesis creditors.
Genesis Global Trading filed for bankruptcy protection late Thursday in New York federal bankruptcy court.
Source: Bits
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