Genesis obtains court approval for first day motions

KUALA LUMPUR, Jan 25 (Bernama) -- Genesis Global Holdco LLC (GGH) has received approval from the U.S. Bankruptcy Court for the Southern District of New York (the court) for all the first day motions related to its Chapter 11 filed on Jan 19, 2023.

As previously announced, the Chapter 11 filing includes GGH and two of its lending business subsidiaries, Genesis Global Capital LLC (GGC) and Genesis Asia Pacific Pte Ltd (GAP).

Genesis’s other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.

“We commenced an in-court restructuring after thoroughly evaluating all potential options with our advisers.

“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.

“We are pleased by the court’s approval of our first day motions, which enable Genesis to continue serving our trading clients while we move through our restructuring on a parallel track,” said its interim chief executive officer Derar Islim, in a statement.

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

Genesis is a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.

-- BERNAMA