Several names have been reorganized on the list of creditors in Genesis’ bankruptcy filing.
Genesis filed for bankruptcy protection with the US Bankruptcy Court for the Southern District of New York last week. When it filed for bankruptcy, the firm said it had more than $150 million in cash on hand to support its business operations and provide sufficient liquidity to facilitate the restructuring process.
IRS and SEC on Genesis Creditors List
The IRS and SEC have been added to the list of creditors in the Genesis bankruptcy filing.
The Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and the U.S. Attorney’s Office for the Southern District of New York were among some of the creditors listed in a court filing filed Monday. The names of many of the creditors were anonymized. Others include the law firm Norton Rose Fulbright US LLP and the nonprofit Stellar Development Foundation.
The firm took a financial hit last year following the collapses of crypto hedge fund Three Arrows Capital and the FTX exchange. The Firm ceased withdrawals and new loan purchases from its lender subsidiary on November 16. Prior to that, Genesis Global Trading said that $175 million remained in FTX after the crypto exchange’s failure.
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