Court Approves Genesis First Day Motions for Continuance of Salaries, Wages, Pensions and Benefits.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Sept. 20, 2001 Federal 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 approved first day motions presented by Genesis Worldwide, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GWOW), including immediate approval to borrow up to $3.5 million of the company's $6.0 million debtor-in-possession credit facility and the use of cash collateral. The Court also approved orders allowing the company to continue to pay salaries, wages, pensions, and other benefits to its employees thereby ensuring its ability to manufacture and deliver products and provide services to customers. "Based on immediate access to the 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. facility and our ability to use cash collateral, the Company has sufficient liquidity to operate and satisfy its ongoing obligations during the chapter 11 process," said Richard Clemens, President and Chief Executive Officer, Genesis Worldwide. A court hearing to approve the company's use of the balance of the credit facility is scheduled for October 10, 2001. The company and 10 of its subsidiaries filed on Wednesday, September 17 for chapter 11 protection. Genesis Worldwide, Inc. engineers and manufactures high-quality metal coil processing and roll coating and electrostatic Stationary electrical charges in which no current flows. For example, laser printers and copier machines place a positive charge of the image on a drum, and negatively charged toner is attracted onto the drum. The toner is then transferred to positively charged paper and fused to the paper by heat. 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 Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. business. |
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