The bankruptcy judge has extended the mediation period between Genesis and its creditors

ChainCatcher News, U.S. Bankruptcy Court Judge Sean Lane extended the mediation period between the crypto lending firm Genesis and its creditors during a bankruptcy hearing on Monday. The mediation period, originally set to end last month, will now conclude on June 16. A legal representative for one of the creditors, Gemini, argued that extending the negotiations could lead to greater financial losses for the creditors most affected by the bankruptcy.

Additionally, during the hearing, the judge denied Genesis's request to enter into settlement negotiations with FTX, which claims that Genesis owes it $3.9 billion, while Genesis asserts that it has no debts to FTX. Genesis has requested the judge to estimate the specific amount it owes to FTX, which will be discussed in next week's hearing. (Source link)