In a statement, Genesis has denied reports it is eyeing an 'imminent' bankruptcy filing, noting it is still having 'constructive conversations' with creditors.
Cryptocurrency lending company Genesis has refuted speculation that it is planning an"imminent" bankruptcy filing should it fail to cover a $1 billion shortfall caused by the fall of crypto exchange FTX.
The firm has reportedly faced difficulties raising money for its lending unit and told investors it would have to file for bankruptcy, according to a Nov. 21 BloombergA spokesperson for Genesis told Cointelegraph that there were no plans to file for bankruptcy"imminently" and that it continued to have"constructive" discussions with creditors.
"We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors."
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