The procedure may not be completed in due time as should be anticipated post the rejection.
FTX’s bankruptcy filing in November revealed the company’s financial weakness.
In a statement released earlier today, the Digital Currency Group (DCG) warned that Genesis Global’s bankruptcy procedures might go on for a long time. Genesis Global is a DCG subsidiary. The company is in trouble since its creditors rejected the bankruptcy restructuring plan that was agreed upon about two months ago.
The corporation claims it does not completely understand why the creditors pulled out of the earlier deal. But it did disclose that the procedure may not be completed in due time as should be anticipated.
The DCG statement read:
“More than two months after all parties agreed to a comprehensive settlement that was submitted by Genesis Capital to the bankruptcy court, a group of Genesis Capital’s creditors have reneged and raised all new demands. We do not know if the hundreds of thousands of ind
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