Genesis Network Telecom (GNET), a San Antonio-based factoring company founded in 2005, filed for Chapter 7 bankruptcy liquidation on Wednesday. The company, known for offering financing solutions to small and midsize businesses, listed assets between $0 and $50,000 and liabilities ranging from $100 million to $500 million.
Despite its website claim of being a “one-stop shop for fast financing,” GNET anticipates no funds remaining for unsecured creditors after administrative fees are paid. The company has up to 49 listed creditors, including FedEx Supply Chain Logistics and Arris Solutions, though specific debt amounts remain undisclosed.
This filing marks the latest chapter in GNET’s recent legal troubles, including a 2023 lawsuit from FedEx alleging fraud and a Chapter 7 filing by affiliate Arris Solutions.
