Genesis Global Capital Has Hired Investment Bank Moelis to Explore Options Including Bankruptcy: New York Times

“In latest days, there was chatter about intercompany loans between Genesis World Capital and DCG,” Silbert wrote. “For these unaware, within the strange course of enterprise, DCG has borrowed cash from Genesis World Capital in the identical vein as a whole lot of crypto funding corporations. These loans had been at all times structured on an arm’s size foundation and priced at prevailing market rates of interest. DCG at the moment has a legal responsibility to Genesis World Capital of ~$575 million, which is due in Might 2023. These loans had been used to fund funding alternatives and to repurchase DCG inventory from non-employee shareholders in secondary transactions beforehand highlighted in quarterly shareholder updates.”