Genesis Requests Timetable for Sale, Creditor Claims

Linh Nguyen — Fri, 17 Mar 2023 10:42:29 +0000

@ Crypto Insider

The company wants to sell off its business after filing for bankruptcy on Jan. 19.

Bankrupt lender Genesis has requested a May 22 deadline for creditors to say how much they are owed by the company, and June 27 for an auction, according to bankruptcy court filings dated Thursday. Bidders considering buying Genesis would have to show interest by May 5.

The sale would comprise lenders Genesis Global Capital and Genesis Asia Pacific, as well as Genesis Global Trading, the last of which has not filed for bankruptcy. All three fall under the umbrella of Digital Currency Group, which also owns CoinDesk.

“The bidding procedures are designed to encourage competitive bidding and thereby maximize the value of the Sale and potential recoveries” for the estate, one filing reads, adding that it constitutes an “orderly, uniform, and competitive process.”

The plan was submitted by the company for approval in a bankruptcy court in the Southern District of New York.

Genesis unveiled the outline of its sale plan back in February. Judge Sean Lane will consider the request at a March 30 hearing.

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Genesis Unveils Proposed Sale Plan With DCG, Bankruptcy Creditors

Linh Nguyen — Sat, 11 Feb 2023 01:48:48 +0000

@ Crypto Insider

Parent company Digital Currency Group would turn its equity in Genesis Global Trading over to a holding company as part of an effort to 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, DCG will turn its equity in Genesis Global Trading over to Genesis Global Holdco, as part of an effort to sell both companies, and restructure an existing loan.

CoinDesk, which is also a subsidiary of DCG, first reported that the 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, GGC creditors, 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, 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 filing said.

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Genesis Global Trading Archives - Crypto Insider

Genesis Requests Timetable for Sale, Creditor Claims

The company wants to sell off its business after filing for bankruptcy on Jan. 19.

Genesis Unveils Proposed Sale Plan With DCG, Bankruptcy Creditors

Parent company Digital Currency Group would turn its equity in Genesis Global Trading over to a holding company as part of an effort to sell both firms.