Ciena Capital asks for court OK to hire Bridge as financial adviser

By Jennifer Lanning Drey

Portland, Ore., Oct. 2 - Ciena Capital, LLC asked for court approval to hire Bridge Associates, LLC as financial adviser, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Bridge's duties will include helping Ciena to file monthly operating reports and comply with other reporting requirements under bankruptcy code, helping the company communicate with the U.S. Trustee and providing advice in connection with the bankruptcy case.

Bridge will be paid an hourly rate ranging from $125 to $350 per hour. Bridge has agreed to cap its fees at $150,000 per month. Ciena will also reimburse Bridge for out-of-pocket expenses.

Ciena is a New York-based portfolio company for Allied Capital, a business development company that invests long-term debt and equity capital in middle market businesses. The company filed for bankruptcy on Sept. 30. Its Chapter 11 case number is 08-13783.

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