Media and numbers – Genesis’ creditors refused to back down, and explore different solutions to prevent the company from following FTX’s lead. The latest information gives a clearer idea of the company’s liquidity needs.
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According to a December 4 post from CoinDesk, Genesis should at least $1.8 billion to its creditors. The outlet, citing an anonymous source, said the company should $900 million of the creditors, which the law firm Proskauer Rose will represent.
And CoinDesk isn’t the only media to bring the company’s massive debts to light. Recently, Bloomberg reported that the law firm Kirkland & Ellis will also represent another group of Genesis creditors.
In addition, an article on December 3 in the Financial Times claims that Genesis expected to be $900 million of Gemini crypto exchange clients, who participated in the Earn program, where the two companies cooperate.
A Bloomberg article on November 22 revealed that Genesis Global’s outstanding loans on its balance sheet will be $2.8 billion, of which 30% would have been given to entities related to the company. Above all, all these figures illustrate the magnitude of the challenge, which must be accepted by the Genesis group or its creditors, in order to save the company.
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