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FGS Global is handling the Chapter 11 filing of Genesis Global cryptocurrency lender, which is the latest casualty of the fallout from the implosion of Sam Bankman-Fried’s FTX digital asset exchange, according to the Financial Times.
Genesis in November froze withdrawals due to the market turmoil triggered by the FTX collapse.
It claims the restructuring will optimize outcomes for its clients.
Derar Islim, interim CEO of Genesis, said the company deeply appreciates the ongoing patience and partnership of clients as it works towards an equitable solution.
Genesis has more than $150M in cash on hand, which is expected to provide ample liquidity to support its ongoing business operation and facilitate the restructuring process.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
