Key Points:Genesis Global Holdco released the final details about its asset sale plan.
DCG will sell both Genesis Global Trading and Genesis Global Holdco by transferring its shares to Genesis Global Trading.
Equitization is the agreement between creditors and DCG.
Genesis Global Holdco filed for bankruptcy protection and released the final details about its asset sale plan. GGC’s creditors will receive 100% if Genesis’ assets aren’t sold. However, Ad Hoc Group Advisors and Genesis will agree to an equity plan. The filing also stated that there may be a management incentive plan which could be diluted.
“Equitization” means that, if the Sale Process doesn’t result in the sale or significant reduction of Genesis’ assets, the Amended Plan will allow for a restructuring in which the GGC Creditors receive, among other things: one hundred percent (100%) of the equity in reorganized GGH. This equity may be diluted by a management incentive program, which may be approved by the Bankruptcy Court upon notice and hearing.”
This discovery made it impossible for DCG and Genesis to get out of the FTX quagmire. This discovery led to DCG and Genesis being unable to escape the FTX quagmire. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincrypto