Global Trading over to a holding company, which will then sell both firms. 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, Digital Currency Group will turn its equity in Genesis Global Trading over to a holding company, which will then sell both firms.
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.
CoinDesk, a subsidiary of Digital Currency Group, first reported that the two companies were negotiating a deal on Monday.
One of the sale process milestones would be the “equitization” of Genesis’ assets, to be mutually agreed by Genesis, 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, equity interests in the reorganized Genesis,”
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