Genesis has hired investment bank Moelis to explore options including bankruptcy, DCG has about $575 million in liabilities to Genesis

Genesis Global Capital has hired investment bank Moelis & Company to explore options including bankruptcy, The New York Times reported, citing three people familiar with the matter. No final decision has been made and the company could still avoid filing for bankruptcy protection, the report said. In addition, Barry Silbert, founder and CEO of Genesis parent company DCG, revealed that DCG has approximately $575 million in liabilities to Genesis Global Capital, which will mature in May 2023. Silbert also reminded investors of a $1.1 billion promissory note due in June 2032, noting that it is related to Genesis' liabilities related to the default with Three Arrows Capital. Beyond that, Silbert said, DCG’s only debt is a $350 million line of credit from several lenders led by Eldridge. DCG has raised just $25 million in equity capital and is on track to generate $800 million in revenue this year.