Genesis načrtuje prodajo, da bi DCG pomagal poplačati upnike

Embattled crypto lender Genesis has unveiled a restructuring plan to help parent company Digital Currency Group (DCG) settle its dues with creditors. 

V predlogu vložena with a U.S. bankruptcy court on Feb. 10, Genesis Global Holdco and Genesis Global Trading plan to be sold off. The agreement calls for the equitization of Genesis’ assets, which is subject to mutual agreement from Genesis, its creditors, advisors and DCG.

This means that even if the sale process does not result in the sale of substantially all of Genesis’ assets, creditors will receive 100% of the equity in a reorganized Genesis Global Holdco.

Another part of the plan involves restarting Genesis to pay creditors over time, where DCG will make efforts to conduct an initial public offering by February 2025. Creditors would have the option to participate by converting their preferred interest into equity in DCG and get two independent board seats. 

The $600 million that DCG owes would be restructured as a loan due in 2024, payable in two tranches. 

“This reduces the heat on DCG to make a large payment and avoids a firesale of assets,” razložiti Ram Ahluwalia, CEO of Lumida Wealth.

 Genesis vložena for Chapter 11 bankruptcy protection last month, after the firm became embroiled in a liquidity crisis brought on by FTX’s shocking collapse a few months prior. 

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• vir: https://unchainedpodcast.com/genesis-plans-sale-to-help-dcg-pay-off-creditors/