Genesis Global Holdco Revealed Proposed Asset Sale, “Aquitization” Is The Solution
Key Points:
- Genesis Global Holdco has released the final details of its proposed asset sale plan.
- DCG will transfer its shares in Genesis Global Trading to Genesis Global Holdco and sell both companies.
- Equitization is the solution agreed upon by creditors and DCG.
Genesis Global Holdco filed for bankruptcy protection last month and released the final details of its proposed asset sale plan.
Under the plan, DCG will transfer its stake in Genesis Global Trading to Genesis Global Holdco and restructure existing loans, according to a proposal filed in bankruptcy court on Friday.
An essential part of this is the “equitization” of Genesis’ assets, which will be agreed upon by Genesis, GGC’s creditors, Ad Hoc Group Advisors, and DCG.
Equitization means that if all or a substantial portion of Genesis’ assets are not sold, GGC’s creditors will receive 100% of the restructured GGH, subject to a management incentive plan that may be diluted, the filing said when approved by the Bankruptcy Court.
“‘Equitization’ means, if the Sale Process does not result in the sale of all or significantly all of the assets of Genesis, a restructuring under the Amended Plan concerning to which the GGC Creditors will receive, among other things, one hundred percent ( 100%) 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 filling said.
Before that, Genesis also received a $100 million donation from its partner Gemini with a plan to rehabilitate and restructure the company.This is an essential step towards recovering assets from all Genesis creditors and demonstrates Gemini’s commitment to helping users of its Earn product be fully compensated.
The shocking collapse of FTX stemmed from a finding in a financial report published by crypto news company Coindesk, which is one of DCG’s subsidiaries. But this discovery made Genesis and DCG unable to get out of the FTX quagmire.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Genesis Global Holdco Revealed Proposed Asset Sale, “Aquitization” Is The Solution
Key Points:
- Genesis Global Holdco has released the final details of its proposed asset sale plan.
- DCG will transfer its shares in Genesis Global Trading to Genesis Global Holdco and sell both companies.
- Equitization is the solution agreed upon by creditors and DCG.
Genesis Global Holdco filed for bankruptcy protection last month and released the final details of its proposed asset sale plan.
Under the plan, DCG will transfer its stake in Genesis Global Trading to Genesis Global Holdco and restructure existing loans, according to a proposal filed in bankruptcy court on Friday.
An essential part of this is the “equitization” of Genesis’ assets, which will be agreed upon by Genesis, GGC’s creditors, Ad Hoc Group Advisors, and DCG.
Equitization means that if all or a substantial portion of Genesis’ assets are not sold, GGC’s creditors will receive 100% of the restructured GGH, subject to a management incentive plan that may be diluted, the filing said when approved by the Bankruptcy Court.
“‘Equitization’ means, if the Sale Process does not result in the sale of all or significantly all of the assets of Genesis, a restructuring under the Amended Plan concerning to which the GGC Creditors will receive, among other things, one hundred percent ( 100%) 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 filling said.
Before that, Genesis also received a $100 million donation from its partner Gemini with a plan to rehabilitate and restructure the company.This is an essential step towards recovering assets from all Genesis creditors and demonstrates Gemini’s commitment to helping users of its Earn product be fully compensated.
The shocking collapse of FTX stemmed from a finding in a financial report published by crypto news company Coindesk, which is one of DCG’s subsidiaries. But this discovery made Genesis and DCG unable to get out of the FTX quagmire.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
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