Genesis’ bankruptcy filing was decided by independent committee, according to DCG

involvement in Genesis’ bankruptcy filing. According to DCG, a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection.

Filing for Chapter 11 will allow Genesis to seek the reorganization of debts, assets and other business activities. The company estimated liabilities of $1 billion to $10 billion, along with assets in the same range. DCG noted in the statement: “Genesis has its own independent management team, legal counsel, and financial advisors, and appointed a special committee of independent directors, who are in charge of the Genesis Capital restructuring, and who recommended and decided that Genesis Capital file chapter 11. Neither DCG nor any of its employees, including those who sit on the Genesis board of directors, were involved in the decision to file for bankruptcy.

Only Genesis’ lending entities — Genesis Global Holdco, Genesis Global Capital and Genesis Asia Pacific, collectively known as Genesis Capital — have filed for bankruptcy protection. Genesis Global Trading and Genesis’ spot and derivatives trading entity will remain operational.

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