cryptonews: The owner of Genesis Global Capital is selling both it and a sister firm, broker Genesis Global Trading, to help pay off as much of the $3.5 billion that it owes its creditors as possible. 👀
The owner of bankrupt crypto lender Genesis Global Capital is selling both it and a sister firm, broker Genesis Global Trading, to help pay off as much of the $3.5 billion that it owes its creditors as possible.Filed with the court on Friday, the document adds detail to theof the plan made public on Feb. 6. While that led to estimates that creditors could back as much as 80% of their funds, it's clear that won't be soon.
Under a proposal agreed to by Genesis parent Digital Currency Group and the main creditor representative groups, the two Genesis companies will be gathered under one umbrella, Genesis Global Holdco, for eventual sale. If they cannot be sold, or do not attract a suitable price, 100% of the equity in the holding company will go to the creditors
The plan also includes the restructuring of a $1.1 billion promissory note DCG gave to Genesis back in June when it first ran into trouble after
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