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Genesis Creditors Seek Options to Keep Crypto Brokerage Out of Bankruptcy

  • Various creditor groups have hired restructuring lawyers
  • Genesis has begun talks with potential investors and creditors

Creditors to embattled crypto brokerage Genesis are organizing with restructuring lawyers and seeking options that would keep the firm out of bankruptcy, according to people with knowledge of the situation.

One group of creditors is getting advice from law firm Proskauer Rose, while another group is working with Kirkland & Ellis, said the people, who asked not to be identified because the matter is private. Following FTX’s rapid bankruptcy, the groups are seeking to avoid a similarly chaotic and costly process for Genesis, the people added.