Genesis Global announces court approval of first-day motions

By Wendy Van Sickle

Columbus, Ohio, Jan 23 – Genesis Global Holdco, LLC received approval for all the first-day motions related to its Chapter 11 filing on Jan. 19 from the U.S. Bankruptcy Court for the Southern District of New York, according to a news release.

The Chapter 11 filing includes Genesis Global Holdings and two of its lending business subsidiaries, Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd., as previously reported. Genesis’ other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing.

“We commenced an in-court restructuring after thoroughly evaluating all potential options with our advisors. We firmly believe that this process represents the best path to continue advancing the ongoing, productive conversations with our stakeholders to identify an equitable solution,” said Derar Islim, interim chief executive officer of Genesis, in the news release Monday.

The restructuring process is being overseen by an independent special committee of the company’s board of directors with ongoing executive leadership from Islim.

Genesis Global is a New York-based cryptocurrency lender. The Chapter 11 case number is 23-10063.

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