Genuity obtains court confirmation for liquidation plan

Chicago, Nov. 26 - Genuity Inc. said the U.S. Bankruptcy Court for the Southern District of New York confirmed its bankruptcy liquidation plan.

The company expects the plan to become effective as confirmed on or about Dec. 2. The plan specifies the payments that will be made to the company's creditors. Under 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, and therefore their securities will be worthless.

Genuity is a Woburn, Mass.-based provider of enterprise IP networking services.

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