Bloomberg: Genesis creditors are working with restructuring lawyers to explore options to save company from bankruptcy

Creditors of troubled cryptocurrency brokerage Genesis are working with restructuring lawyers to pursue options to save the company from bankruptcy, Bloomberg reported citing people familiar with the matter. One group of creditors is getting advice from law firm Proskauer Rose, while another group is working with Kirkland & Ellis, a Genesis spokesman said in a statement, "Our goal is to resolve the issue without requiring any bankruptcy filings." The current state of the lending business.” Foresight News previously reported that Genesis had $2.8 billion in outstanding loans on its balance sheet, about 30 percent of which were issued to related parties, and the company has been trying to raise at least $1 billion in new loans for its lending unit. Cash, which has previously warned potential investors that it may need to file for bankruptcy if the funding fails.