In a recent filing on June 5, it was revealed that a judge presiding over Genesis’s bankruptcy case has granted an extension for the company to submit its recovery plan. The new deadline provides Genesis with additional time to prepare and present its strategy for emerging from bankruptcy proceedings.
Following Genesis’ initiation of bankruptcy proceedings, the company recently sought an extension for the deadline to submit its recovery plan. Their initial request, made on May 19, aimed for a 100-day extension.
In response to this request, U.S. Bankruptcy Judge Sean Lane has now approved the extension. As per a court filing on June 5, Genesis has been granted additional time, until August 2, 2023, to finalize and file its recovery plan. It’s worth noting that the company initially aimed for a more extended period, intending to push the deadline to August 27.
The newly extended deadline for Genesis to file its recovery plan is contingent upon the company’s cooperation with Official Committee of Unsecured Creditors. In the event that discussions between the parties reach an impasse, the committee retains the ability to request the termination of the extended filing period. However, such a motion would require a seven-day notice.
Furthermore, Genesis has also been granted an extension for its exclusive solicitation period, which now extends until October 1 instead of the initially requested date of October 26.
In response to Genesis’ request for an extension, FTX, a creditor in the company’s bankruptcy case, raised an objection and expressed dissatisfaction with being excluded from the mediation discussion.
However, according to a Bloomberg report on June 5, Judge Lane has dismissed FTX’s objection. The judge emphasized the importance of maintaining a certain level of silence and that reducing the duration of the mediation would not necessarily expedite the resolution of the case.
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