A lawyer for bankrupt crypto loaning company Genesis is optimistic the company can resolve its creditor disagreements as early as today and the business could come out of Chapter 11 proceedings by late May.Genesis ‘attorney,

Sean O’Neal, made the comments at a Jan. 23 initial hearing at the United States Bankruptcy Court for the Southern District of New York, according to a Reuters report.

He added Genesis had “some procedure of self-confidence” it would fix conflicts with lenders by the end of the week. If needed it would look for the judge to set up a conciliator, he said, adding:

“Sitting here today, I don’t think we’re going to require a conciliator. I’m very much an optimist.”

Genesis applied for Chapter 11 bankruptcy on Jan. 19. At the time it currently had a restructuring plan in addition to a course pursuing a “sale, capital raise, and/or an equitization transaction” so it could potentially “emerge under brand-new ownership.”

The insolvency comes almost two months after Genesis suspended withdrawals in November, pointing out market turbulence caused by the personal bankruptcy of crypto exchange FTX.A series of “first-day” movements, standard in personal bankruptcy proceedings, were approved by Judge Sean Lane, consisting of enabling the firm to pay workers and vendors.Lane included that Genesis did not need to reveal client names on its financial institutions ‘list, mentioning privacy concerns. Lane even recommended the loan provider caution users about possible phishing scams if the names are later on made public.Genesis said it will sell its assets at auction with a plan to exit its insolvency in a little under 4 months on May 19. Related: BlockFi officer argues insolvency court should approve benefits to retain talent It reported having simply over$5 billion in properties and liabilities and owes over 100,000 lenders a minimum of$3.4 billion. Genesis’withdrawal suspension in 2015 affected users of a yield-bearing item it managedcalled”Earn “from the Gemini exchange.Gemini is Genesis’largest creditor and is owed nearly$766 million.Its largest debtor was its moms and dad business, Digital Currency Group (DCG), which owes Genesis around$1.65 billion– $575 countless loans due in May and a$1.1 billion promissory note developing in 10 years’time.Even though DCG is facing its own financial troubles, the personal bankruptcy did not consist of DCG. Likewise, the Genesis entities managing derivatives, spot trading, broker-dealer and custody are not part of the proceedings and are continuing operations, according to Genesis.