Court Approves Procedure for Sale of Genesis Worldwide; Court Supervised Auction Set for November 13, 2001.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 procedures for the sale of the Company. 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:
keratic precipitates. Special Situations Fund, L.P. (KPS) have agreed to acquire substantially all the domestic assets and businesses of Genesis, subject to higher offers and court approval. Interested parties will have the opportunity to submit alternative offers to acquire all or a portion of the Company's businesses. The court-approved procedures provide, among other things, that written offers must be submitted to Resilience Capital Advisors, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (1), the Company's financial advisor and investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , by the close of business on November 8, 2001, accompanied by a cash deposit equal to 10% of the total value of the bid, and that alternative offers to acquire all of the Company must be at least $22.5 million in value. Following the evaluation of written offers determined to be fully binding commitments, an auction will be held for qualified bidders on November 13, 2001. A hearing will be held before the Bankruptcy Court to obtain court approval of the highest and best offer(s) on November 14, 2001. The Company will continue to operate its business in the ordinary course throughout this process. 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. (1) Indications of interest should be directed to Geoffrey Frankel, Resilience Capital Advisors, 25201 Chagrin Blvd., Cleveland, Ohio, 44122, telephone: 216-292-4746. |
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