According to Foresight News, the US government stated in documents submitted on Wednesday that crypto lending institution Genesis made significant changes to its bankruptcy plan last week, following a lawsuit by its parent company DCG and the New York Attorney General. The company is now focusing on asset liquidation rather than restructuring, which may further delay the bankruptcy proceedings.
Justice Department official Harrington, who is in charge of the bankruptcy case, said that the previous plan stipulated the sale of assets of debtor and non-debtor affiliated companies, the release of debtor's debts, and the restructuring of any unsold assets for the benefit of creditors. The liquidation plan now stipulates the liquidation of all three debtors, and the debtor has made substantial changes to the sales plan.
