Genesis files revised bankruptcy plan for orderly closing and liquidation of assets

Genesis Global Capital submitted a revised Chapter 11 bankruptcy plan on October 25th to address pending claims and interests of creditors. The revised plan categorizes the claims of Genesis Global Holdco's creditors into 10 classes, with 4 classes divided by currency for unsecured claims denominated in cryptocurrency. Legal currency, Bitcoin, Ethereum, and other unsecured claims denominated in cryptocurrency will be impaired, giving them the right to vote on the plan. Subordinated claims, government penalty claims, and interests are considered to reject the plan and have no voting rights. The differential treatment of cryptocurrency asset claims recognizes the different interests of Genesis creditors. Under the proposed plan, the Genesis entities will be liquidated by a newly formed "Liquidating Debtor" and supervised by a Plan Administrator, a new Board of Directors, and a Liquidation Oversight Committee. The liquidating debtor will liquidate assets and distribute them to creditors according to agreed-upon principles. Independent accounts will be set up for the plan, including claims, professional fees, litigation, and step-down reserves. The intercompany claim between Genesis Global Capital and Genesis Asia Pacific will be resolved to balance the recovery of creditors.