Crypto firm Genesis Global Holdco, which has filed for Chapter 11 bankruptcy protection, and its two lending subsidiaries have proposed an "exit roadmap" that includes setting up a trust to resolve all claims globally and distribute assets, Businesswire reported. to creditors while considering a dual-track process for pursuing a sale, financing and/or securitization transaction.

In addition, Genesis will initiate the marketing and sales process, monetize or otherwise raise funds for its assets, and use the proceeds of the transaction to pay creditors fairly and equitably. If the marketing process does not result in a sale or financing, creditors will gain ownership of the restructured Genesis Global Holdco company, and all aspects of the restructuring process will be overseen by an independent special committee of the company's board of directors.