On January 19, 2023, certain Genesis entities filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code. Information and updates regarding the filings, can be found throughout this website.

Court Confirms Genesis’s Chapter 11 Plan and Approves NYAG Settlement, Maximizing Recoveries for Creditors

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NEW YORK – May 17, 2024 – 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.

About Genesis

Genesis is a premier institutional digital assets financial services firm providing a single access point for select qualified individuals and global institutional investors. Genesis combines best-in-class client service, unrivaled operational excellence and a seamless user experience to provide investors with a full suite of services to manage their portfolios.

The firm offers sophisticated market participants an integrated platform to trade digital assets, creating pathways to benefit from market opportunities while increasing capital efficiency for counterparties.

For more information on Genesis, please visit genesistrading.com.


FGS Global for Genesis

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