The bankrupt cryptocurrency company Genesis stated that the mediation process will end soon.
He made statements about the mediation process by Genesis. The company said the mediation process will end soon.
Genesis says the mediation process will end soon
Bankrupt crypto lender Genesis Global Holdco LLC has announced the final extension of its mediation with creditors. The company’s lawyer stated that if significant progress is not made in the next two weeks, the mediation cannot be extended any further. Therefore, it turns out that the talks should be completed by August 16.
Genesis, parent company Digital Currency Group and Gemini Trust Co. It mediates with key stakeholders, including However, the official committee of unsecured creditors rejected the DCG-sponsored bankruptcy exit plan. The company is currently in the mediation process to salvage this plan.
If the parties do not reach an agreement by August 16, Genesis stated that it will move forward with its current bankruptcy plan, subject to certain changes. Mediation is seen as one of the last obstacles that prevents the company from completing the bankruptcy process.
The company’s lawyer admitted that the parties were “very close” to an agreement but had thought similarly before. This indicates that Genesis still faces uncertainties to resolve its financial position and complete the bankruptcy process.
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