⚡ Genesis Proposes to Reduce 3AC Claims to $33 Million
posted 10 Nov 2023
The bankrupt crypto company Genesis has filed a court petition to
approve a new settlement agreement with the insolvent hedge fund Three
Arrows Capital (3AC).
According
to the company's proposal, it will only return $33 million of the $1
billion in claims to the creditor and will also relinquish other mutual
obligations, including 3AC's undisclosed amount of AVAX and NEAR tokens
debt.
Genesis'
management stated that such an agreement is necessary for the swift
passage of the business reorganization process under Chapter 11 of the
US Bankruptcy Code.
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