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Genesis bankruptcy case scheduled for first hearing

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The first hearing in Genesis Capital's bankruptcy case will be held on January 23 at 2:00 pm (EST), according to court filings.

Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York will hear the case.Under Chapter 11, known as the reorganization chapter, companies can propose a reorganization plan to creditors, while allowed to continue operating its business, told Cointelegraph Mark Pfeiffer, bankruptcy attorney at law firm Buchanan Ingersoll & Rooney.As the first step in the bankruptcy proceedings, the court will decide whether to accept the relief requested under Chapter 11 by Genesis Global Holdco and two of its lending business subsidiaries, Genesis Global Capital and Genesis Asia Pacific - collectively known as Genesis Capital.

A joint administration of the cases was also requested by the companies.A committee for unsecured creditors will also be appointed by the United States Trustee as part of the proceedings.

The committee will have the right to demand from the companies to be consulted before making major decisions or changes, and to participate in the reorganization plan.

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