The first hearing in Genesis Capital’s bankruptcy case will take place on Jan. 23 at 2:00 Eastern Time.

During the proceedings, the court will decide whether to accept the relief request by Genesis Global Holdco and its lending subsidiaries Genesis Global Capital and Genesis Asia Pacific. The United States Trustee will also appoint a committee for unsecured creditors, who will have the right to be consulted prior to major decisions and to participate in the reorganization process.

According to a press release, the Genesis Chapter 11 plan consists of a resolution of all claims and the creation of a trust that will distribute assets to creditors. Genesis will also pursue equitization, which will install new ownership within the company.

Author: Tris Bell