Genesis has reached a preliminary agreement on the restructuring plan with its parent company DCG and creditor Gemini

ChainCatcher news, Genesis attorney Sean O'Neal told a U.S. bankruptcy judge at a court hearing on Monday that the company is finalizing a restructuring agreement that will either sell Genesis or transfer its equity to creditors. The restructuring plan has received support from its parent company Digital Currency Group (DCG) and its main creditors, including Gemini.

DCG will contribute its equity in Genesis to Genesis's holding entity, Genesis Global Holdco. After the transaction is completed, Genesis will seek to sell its then-owned entity, Genesis Global Trading. (Reuters)