Sean O'Neal, a lawyer for Genesis, a cryptocurrency lending platform owned by Digital Currency Group (DCG), told the Manhattan court during the preliminary hearing that he was cautiously optimistic about talks with creditors and hoped a resolution could be reached within a week. This will allow the court to focus on deciding the conditions necessary for Genesis to emerge from bankruptcy proceedings, Reuters reported. The lawyer stated that he believes the bankruptcy proceedings can be completed by the end of May 2023.
Genesis, which filed for Chapter 11 bankruptcy in a Southern New York court on Thursday last week, owes more than $3.6B to its top creditors. Genesis has also stated that it has approximately $150M cash to support its operations during the restructuring process.