TechFlow news, according to The New York Times citing sources familiar with the matter, Genesis Global Capital has hired investment bank Moelis & Company to explore options including bankruptcy. Genesis has not yet made any final decisions and may still avoid filing for bankruptcy protection.
Additionally, Barry Silbert, founder and CEO of DCG, Genesis' parent company, revealed that DCG has approximately $575 million in liabilities to Genesis Global Capital, due in May 2023. Silbert also warned investors about an $1.1 billion promissory note maturing in June 2032, noting this is related to Genesis' exposure from Three Arrows Capital's default.
Silbert stated that apart from these, DCG's only other debt is a $350 million credit facility provided by several lenders led by Eldridge. DCG has raised only $25 million in equity capital and expects to generate $800 million in revenue this year.Original article link
