FTX and Genesis reached a deal to have Genesis pay $175 million to Alameda Research to “smooth the path” to confirming a bankruptcy plan.
on Thursday to have Genesis pay $175 million to Alameda Research, which the lending firm says will “smooth the path” to confirming its bankruptcy plan.
Genesis filed for bankruptcy after taking a financial hit following the collapse of FTX last year. Genesis Global Trading said its derivatives business had $175 million stuck in the bankrupt exchange. FTX and Genesis were intertwined, with both providing loans to the other.
“While the Genesis Debtors believe that their claims have significant value, they also implicate complex factual situations that make an ultimate, litigated outcome uncertain,” Islim said. “Regardless, the Genesis Claims are unsecured, and any recovery would likely occur in the distant future, if at all.”
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