A seven-member committee was formed to represent unsecured creditors for Genesis Global’s bankruptcy case.
Genesis, a subsidiary of Digital Currency Group (DCG), sensationally filed for Chapter 11 bankruptcy. Genesis, which stopped its withdrawals in the past months, could not escape from bankruptcy due to illiquidity and debt burden. DCG sought funding to bail out its subsidiary, but failed. A committee was formed to represent unsecured creditors in the Genesis bankruptcy case.
Genesis Bankruptcy Case: Creditors Committee Ready
Genesis, a subsidiary of Digital Currency Group (DCG), faces legal proceedings after filing for bankruptcy. The company will struggle with creditors and debt obligations.
A committee was formed to represent unsecured creditors in Genesis Global’s US bankruptcy litigation. The committee assumed a seven-member system.
The unsecured creditors committee will be the voice for creditors during the trial. According to the file published the other day, William Harrington, representative of the US Board of Trustees, appointed the committee.
The U.S. Board of Trustees stands out as it is part of the U.S. Department of Justice and represents the government in bankruptcy proceedings.
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