Dec, 2002 : Court Approves Genuity First-Day Motions

📅 December 4, 2002 - Networking services provider Genuity Inc. said this week that the US Bankruptcy Court for the Southern District of New York has approved the company's orders regarding its ?first-day motions? on Monday.

Genuity said the orders allow the company to conduct business as usual with respect to its customers, employees and suppliers, and to maintain its systems for managing cash.
The hearings follow Genuity's announcement, last week, that it had reached an agreement with Level 3 communications whereby Level 3 will acquire the assets and operations of the company for up to $242 million. The court will reconvene on December 9 to continue hearings on Genuity's initial motions.
Genuity filed voluntary petitions for Chapter 11 reorganization in order to better facilitate the acquisition process, and has the support of its major creditors, including a consortium of banks and Verizon Communications, in the deal.
The company also said that, as a result of its Chapter 11 filing, it was notified by the Nasdaq stock market that the letter ?Q? had been added to the company's trading symbol, changing it from GENU to GENUQ. Genuity also received noticed that Nasdaq will delist the company's securities at the start of trading on Thursday, when they will begin trading on the over-the-counter bulletin board.

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