Genesis' bankruptcy filing was decided by independent committee according to DCG

Genesis’ bankruptcy filing was decided by independent committee according to DCG


Genesis Capital’s parent company Digital Currency Group (DCG) denied involvement in Genesis’ bankruptcy filing in a statement on Jan. 20. According to DCG, a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection. 

Filing for Chapter 11 will allow Genesis to seek the reorganization of debts, assets and other business activities. The company estimated liabilities of $1 billion to $10 billion, along with assets in the same range. DCG noted in the statement that:

“Genesis has its own independent management team, legal counsel, and financial advisors, and appointed a special committee of independent directors, who are in charge of the Genesis Capital restructuring, and who recommended and decided that Genesis Capital file chapter 11. Neither DCG nor any of its employees, including those

Trending: BREAKING: Brunson Brothers Case Is Back On!

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend