Global banks are managing to sell down small chunks of risky financing packages.
Firms have so far been reluctant to reflect the impact of economic headwinds when valuing the assets.
Genesis plans to use the Chapter 11 process to try to sell assets or raise money.
Their comments followed data showing retail sales fell in December by the most in a year.
Political leaders are imposing new economic priorities as they battle to avert shortfalls of vital commodities.
Some of the world's largest banks have been forced to take big writedowns on debt-fueled mergers and acquisitions.
Strategists are struggling to figure out how the two trends will impact the direction of the Federal Reserve.
Economists are cautioning that ultra-low interest rates and rapid Chinese growth are things of the past.
They all spoke after two key data releases suggested the Fed's efforts at taming inflation were working.
On average, actively managed stock mutual funds lost 19% in 2022.
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