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:Only Genesis lending entities (Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific - collectively known as “Genesis Capital”) have filed for bankruptcy protection.Read more on cointelegraph.com