Genesis and its subsidiaries officially filed for Chapter 11 bankruptcy protection

ChainCatcher news, according to Coindesk, the crypto lending company Genesis Global Holdco and its two subsidiaries, Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd., have officially filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.

Since the collapse of FTX last November, Genesis has been struggling to raise new funds and reach agreements with creditors. Genesis hired investment bank Moelis & Company at the end of last year to assist in exploring various options. Genesis stated that the company has now begun to implement a court-supervised restructuring process to achieve a comprehensive solution for its lending business. (source link)