Genesis seeks to reach an agreement with major creditors before August 16

ChainCatcher news, according to Bloomberg, the lawyers for the bankrupt crypto lending company Genesis stated at a hearing on Wednesday that the company has extended the mediation period with creditors for the last time. Company lawyer Sean O'Neal told U.S. Bankruptcy Judge Sean Lane, "If we cannot achieve substantial progress on a deal in principle within the next two weeks, we believe we will not seek to further extend the mediation period." Therefore, negotiations must conclude by August 16.

The lawyer indicated that if the parties fail to reach an agreement by August 16, Genesis will continue to implement its existing bankruptcy plan, but with certain modifications.