FTX Wants to Reclaim Nearly $4 Billion of Capital from Similarly Bankrupt Genesis Global Capital As the company said in a court filing on Wednesday,
Genesis has “repaid” nearly $8 billion in loans to Alameda Research, a unit of FTX, in the weeks leading up to FTX’s bankruptcy in November.
According to documents filed Wednesday, Alameda repaid Genesis’ $1.8 billion loan and pledged to return another $273 million to Genesis in the 90 days before multiple FTX companies filed for bankruptcy, with Genesis withdrawing another $1.6 billion. from FTX, while Genesis Global Capital International withdrew another $213 million during the same period.
“FTX will attempt to recover funds received from Genesis and its non-debtor affiliates. to allow these funds to be shared with all other creditors of FTX Debtors in their Chapter 11 bankruptcy proceedings, these creditors include millions of customers who owe more than $11 billion at the time of the Chapter 11 lawsuit filed.” The court will hold another hearing on May 25.
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