Court Confirms Genesis’s Chapter 11 Plan and Approves NYAG Settlement, Maximizing Recoveries for Creditors
2024年5月18日 - 11:17AM
ビジネスワイヤ(英語)
Genesis Global Holdco, LLC (“GGH”), Genesis Global Capital, LLC
(“GGC”) and Genesis Asia Pacific Pte. Ltd. (“GAP”, together with
GGH and GGC, “Genesis” or the “Company”) today announced that the
United States Bankruptcy Court for the Southern District of New
York (the “Court”) has confirmed the Company’s amended Plan of
Reorganization (the “Plan”), as well as approved the previously
announced settlement agreement with the New York State Office of
the Attorney General (“NYAG”).
“Our goal throughout this process has been to maximize value for
all creditors, and we are gratified that the court approved both
our Plan and the NYAG settlement agreement. We look forward to
putting the Plan into effect and making distributions as
expeditiously as possible,” said Derar Islim, Interim CEO,
Genesis.
“We thank our creditors for their continued patience as we have
worked through this process,” said Paul Aronzon, member of the
Special Committee of Genesis. “We sincerely appreciate the ongoing
and tireless efforts of Genesis’s management, employees and
advisors who helped us achieve this important milestone.”
Unique to the Genesis process, under the terms of the Plan,
creditors will receive distributions in kind to preserve the value
for creditors in the form of the original assets they loaned as
much as possible, rather than being limited to the USD value of the
cryptocurrency assets as of the petition date and converting these
into cash or other forms of repayment that might not reflect the
current or future value of the cryptocurrency assets.
For more information on Genesis’s restructuring, including
access to court documents, please visit
https://restructuring.ra.kroll.com/genesis.
Cleary Gottlieb Steen & Hamilton LLP is acting as legal
counsel to the Company. Alvarez & Marsal is serving as
financial advisor and Moelis & Company is acting as investment
banker.
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