Genesis CEO is confident!! The company will go through the bankruptcy process. “Fast and most efficient”

Genesis has confirmed that it has plans to exit bankruptcy and hopes to do so. “As quickly and efficiently as possible,” interim CEO Derar Islim told clients.

“Our goal is to go through the Chapter 11 process as quickly and efficiently as possible. while achieving the best results and being well positioned for the future,” Islim wrote in a letter after the company filed for Chapter 11 bankruptcy protection.

the company isdebtMajor Creditors $3.6 Billion according to the bankruptcy filing

Islim noted that the company “intends to establish a claims process for clients” based on the Chapter 11 process, which will assist Genesis in deferring payments to its lending customers. As the company took a financial hit following last year’s collapse of crypto hedge funds Three Arrows Capital and FTX, which Islim emphasized in his letter,

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