Pryor Cashman Represents Ad Hoc Group of Dollar Lenders in Genesis Global Bankruptcy Reorganization
Pryor Cashman successfully represented an ad hoc group of lenders in the bankruptcy case of Genesis Global Holdco, LLC, and its affiliated debtors, culminating in a plan of reorganization and a significant recovery for its clients.
The client group, which included lenders with claims mainly denominated in fiat currency, held approximately $375 million in aggregate claims against the debtors. Throughout the case, Pryor Cashman worked with the debtors and other parties-in-interest to arrive at a plan of reorganization underpinned by a Plan Support Agreement signed up to by a majority of the ad hoc group members.
The debtors’ plan was confirmed on May 31, 2024 and the plan went effective on August 2, 2024. Members of our client group, as well as similarly situated creditors, are set to receive a 100% distribution on their claims.
The ad hoc group of lenders was represented by Partner Seth Lieberman, Chair of the Bankruptcy, Reorganization, and Creditors’ Rights Group and Co-Chair of the Corporate Trust Practice; Counsel Matthew Silverman; and Associate Daniel Brenner, both of whom are members of Pryor Cashman's Bankruptcy, Reorganization, and Creditors' Rights Group and Corporate Trust Practice.
