Court documents filed on June 5 indicate that Judge Sean Lane, who is overseeing Genesis' bankruptcy case, has extended the date by which the company must submit a recovery plan. Genesis now has to submit its plan by Aug. 2, 2023, a deadline it had originally intended to extend to Aug. 27.
The extension is contingent upon the company continuing to work with its official committee of unsecured creditors on developing a plan. If discussions break down, the committee can file a motion to terminate the extended filing deadline, with seven days’ notice.
In addition, Genesis' exclusive solicitation period has been extended to October 1, instead of the originally requested October 26. Genesis can also seek further extensions. Earlier today, U.S. Bankruptcy Court Judge Sean Lane extended the mediation period between crypto lender Genesis and its creditors at a bankruptcy hearing on Monday. The mediation period, which was originally scheduled to end last month, will end on June 16. (CryptoSlate)
