Creditors of the troubled crypto broker and lending firm Genesis Global are working with restructuring lawyers to draft a plan to could allow the firm to avoid bankruptcy.

According to a Bloomberg report from Tuesday, the various creditor groups have hired restructuring experts, including from law firms Proskauer Rose and Kirkland & Ellis, to explore options for the company that would keep it out of bankruptcy.

The news outlet cited sources “with knowledge of the situation” who asked not to be identified because of the private nature of the matter.

The new plan reportedly took shape after creditors saw what happened with the crypto exchange FTX, with many of them wishing to avoid a similarly chaotic and costly bankruptcy process for Genesis.

A Genesis spokesperson was quoted as saying that their goal is to “resolve the current situation in the lending business without the need for any bankruptcy filing.”

In addition, the report also cited a letter to clients from Genesis’ interim CEO Derar Islim as saying that the firm has begun talks with potential investors, as well as its largest creditors and borrowers, about ways to boost liquidity.

To help with evaluating strategies and move these negotiations forward, Genesis has reportedly hired advisors at the investment bank Moelis & Co.

Genesis has been trying to raise at least $1bn in fresh capital from investors, and said earlier this month that it may need to file for bankruptcy if it fails to raise enough money. So far, however, no deal has been made.

The latest news about the possibility of avoiding a bankruptcy comes after a report earlier in November said Genesis had lent out some $2.8bn to various crypto firms, including large loans to its parent company, Barry Silbert’s