Genuity Plan of Liquidation Confirmed
27 November 2003
Genuity Inc. announced that on November 21, 2003, the United States Bankruptcy Court for the Southern District of New York, in Manhattan, entered an order confirming the bankruptcy liquidation plan for the company and most of its United States subsidiaries. The company expects the plan to become effective as confirmed on or about December 2, 2003. The plan specifies the payments that will be made to the company's creditors. Pursuant to the plan of liquidation, on the effective date all outstanding shares of Genuity's stock and options to purchase shares of Genuity stock will be cancelled. Stockholders and option-holders will not receive any distribution under the plan of liquidation, and therefore those securities will be worthless.
