Genesis wipes away creditors' tears
posted 25 Jan 2023
At Genesis' first bankruptcy hearing, the company's lawyer expressed confidence that it would resolve its disputes with creditors by the end of the week. Genesis plans to exit the bankruptcy in 4 months from now.
The company plans to pay employees and vendors first, and then to auction off its assets to pay creditors by May. A simple calculation of the math shows that Genesis holds $5 billion in assets and liabilities, while its debt estimates to $3.4 billion.
The company plans to pay employees and vendors first, and then to auction off its assets to pay creditors by May. A simple calculation of the math shows that Genesis holds $5 billion in assets and liabilities, while its debt estimates to $3.4 billion.
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