Court Approves Debtor-In-Possession Financing for Genesis Worldwide.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Oct. 12, 2001 Genesis Worldwide, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GWOW) announced today that U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. Judge Thomas Waldron has approved a $6.0 million debtor-in-possession financing Debtor-in-possession financing New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. (DIP) credit facility for the Company. Court approval of the DIP facility enables the Company to continue to pay salaries and other benefits to its employees, thereby ensuring its ability to manufacture and deliver products and provide services to customers. Genesis received interim approval of the Company's DIP facility on September 19. Genesis Worldwide and its 10 subsidiaries filed voluntary petitions for reorganization under chapter 11 on September 17. The chapter 11 filing was made to facilitate the sale of the Company in accordance with Section 363 of the U.S Bankruptcy Code Bankruptcy Code may refer to:
Genesis Worldwide, Inc. engineers and manufactures high-quality metal coil processing and roll coating and electrostatic oiling equipment in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company also provides mill roll reconditioning, texturing and grinding services in addition to its rebuild, repair and spare parts business. |
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