Genesis Says It Has Commenced Voluntary Chapter 11 Restructuring Of Lending Business

Jan 19 (Reuters) -

* GENESIS INITIATES PROCESS TO ACHIEVE GLOBAL RESOLUTION TO MAXIMIZE VALUE FOR ALL CLIENTS AND STAKEHOLDERS AND STRENGTHEN ITS BUSINESS FOR THE FUTURE

* GENESIS GLOBAL HOLDCO-AMPLE LIQUIDITY OF MORE THAN $150 MILLION TO SUPPORT OPERATIONS AND FACILITATE RESTRUCTURING PROCESS

* GENESIS - GENESIS’S OTHER UNITS INVOLVED IN DERIVATIVES AND SPOT TRADING AND CUSTODY BUSINESSES AND GENESIS GLOBAL TRADING NOT INCLUDED IN FILING

* GENESIS GLOBAL HOLDCO- GENESIS GLOBAL HOLDCO, TWO LENDING SUBSIDIARIES, GENESIS GLOBAL CAPITAL AND GENESIS ASIA PACIFIC PTE FILED FOR BANKRUPTCY

* GENESIS GLOBAL HOLDCO- CALLS FOR THE CREATION OF A TRUST THAT WILL DISTRIBUTE ASSETS TO CREDITORS

* GENESIS GLOBAL HOLDCO- PLAN CONTEMPLATES A DUAL TRACK PROCESS IN PURSUIT OF A SALE, CAPITAL RAISE AND/OR EQUITIZATION TRANSACTION

* GENESIS GLOBAL HOLDCO- WILL INITIATE A MARKETING AND SALE PROCESS TO MONETIZE GGH’S ASSETS OR OTHERWISE RAISE CAPITAL, USING TRANSACTION PROCEEDS

* GENESIS GLOBAL HOLDCO- IF MARKETING PROCESS DOES NOT RESULT IN SALE OR CAPITAL RAISE, CREDITORS TO RECEIVE OWNERSHIP INTERESTS IN REORGANIZED GGH Source text for Eikon: