Genesis is struggling to acquire new capital for its lending section, according to Bloomberg, and has warned potential investors that if attempts fail, it may have to declare bankruptcy.
“We have no plans to file bankruptcy imminently,” a representative for Genesis said in an emailed statement. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”
Genesis was seeking a $1 billion emergency loan from investors before telling customers it was suspending withdrawals.
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