Genesis Global Holdco, which filed for bankruptcy last month, unveiled the final details of a proposed plan to sell itself off alongside Genesis Global Trading to help parent DCG pay off some of the firm's creditors By nikhileshde reports
Genesis Global Holdco, which filed for bankruptcy protection last month, unveiled the final details of a proposed plan to sell itself off alongside Genesis Global Trading to help parent Digital Currency Group pay off some of the firm's creditors.
According to a proposal filed with a bankruptcy court on Friday, DCG will turn its equity in Genesis Global Trading over to Genesis Global Holdco, as part of an effort to sell both companies, and restructure an existing loan.the companies were negotiating a dealOne of the sale process milestones would be the"equitization" of Genesis' assets, to be mutually agreed by Genesis, GGC creditors, the Ad Hoc Group Advisors and DCG.
"'Equitization' means, if the Sale Process does not result in the sale of all or substantially all of the assets of Genesis, a restructuring under the Amended Plan pursuant to which the GGC Creditors will receive, among other things, one hundred percent of the equity in reorganized GGH, subject to dilution by a management incentive program that may be implemented with the approval of the Bankruptcy Court, upon notice and hearing," the filing said.
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