• Genesis, a DCG subsidiary, recently filed for bankruptcy on the 20th of January.
• A lawyer for Genesis believes disputes with creditors can be resolved within a week, and bankruptcy proceedings can be worked out by the end of May 2023.
• Creditors may receive at least a portion of their funds soon.
Genesis, a DCG subsidiary, recently filed for bankruptcy on the 20th of January, leaving many creditors in the dark about the future of their investments. However, Genesis lawyers have stated that they are optimistic about the outcome of the bankruptcy proceedings and believe that the disputes with creditors can be resolved within a week and bankruptcy proceedings can be worked out by the end of May 2023.
The asset book of Genesis does not look too bad and recent reports claim that creditors may receive at least a portion of their funds soon. A lawyer for Genesis, Sean O’Neal, went on record stating his belief that disputes with creditors can be resolved within a week and bankruptcy proceedings can be worked out by the end of May 2023.
It is unclear exactly how much of their investments creditors will be able to recover, but the news is sure to be seen as a positive sign by those affected by the bankruptcy. Genesis is still in the process of restructuring their debts and negotiations with creditors are still ongoing. However, the lawyers for Genesis remain optimistic that a resolution will be reached within the coming weeks.
The news of Genesis’ potential recovery is welcome news to those invested in the company. It remains to be seen how much of their investments creditors will be able to recover, but the news is sure to be seen as a positive sign by those affected by the bankruptcy. Genesis is still in the process of restructuring their debts and negotiations with creditors are still ongoing. However, the lawyers for Genesis remain optimistic that a resolution will be reached within the coming weeks.
The future of Genesis is still to be determined, but the news of a potential resolution should come as a welcome sight for those affected by the bankruptcy. Hopefully, the negotiations between Genesis and its creditors will be successful and creditors will be able to receive at least some of their investments back. Only time will tell how the situation will ultimately resolve, but one thing is for sure, Genesis is doing everything in its power to ensure that all of its creditors are taken care of.