Genesis announces proposed asset sale plan; if the sale does not proceed smoothly, it will opt for restructuring

ChainCatcher news, according to Coindesk, Genesis Global Holdco has announced the latest details regarding its sale plan with Genesis Global Trading. According to court documents, DCG will transfer its equity in Genesis Global Trading to Genesis Global Holdco to advance the sale and restructuring process of both companies.

It is reported that an important point in the sales process is the "equityization" of Genesis assets, which has been jointly agreed upon by Genesis, GGC creditors, special committee advisors, and DCG. According to the explanation in the court documents, "equityization" refers to the situation where, if the sales process fails to sell all or most of Genesis's assets, a restructuring will occur under the revised plan, and GGC creditors will receive all equity (100% of GGH's equity post-restructuring, subject to dilution from the management incentive plan), which may be implemented after approval from the bankruptcy court. (CoinDesk)