Genesis: Establishing Trust to Resolve Claims Issues, Asset Sale Process Initiated

Genesis, which previously announced bankruptcy, stated that it will establish a trust to resolve all claims. The plan will seek to sell, finance, or securitize transactions. The company will initiate marketing and sales processes to monetize Genesis' assets or raise funds in other ways, and will fairly distribute trading profits to creditors.

Genesis, which previously announced bankruptcy, has stated that it will establish a trust to resolve all claims, seeking to sell, finance, or securitize transactions. The company will initiate marketing and sales processes to monetize Genesis' assets or raise funds in other ways, ensuring that trading proceeds are fairly distributed to creditors.

If the assets are not ultimately sold or financed, creditors will receive ownership interests in the reorganized Genesis. The restructuring process will be overseen by an independent special committee of the company's board of directors.

Additionally, according to Reuters, Genesis Global Capital plans to exit bankruptcy proceedings by May 19, as per documents submitted to the U.S. Bankruptcy Court for the Southern District of New York.

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