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⚡ Genesis Proposes to Reduce 3AC Claims to $33 Million

postedΒ  10 Nov 2023
Photo - Genesis Proposes to Reduce 3AC Claims to $33 Million
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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