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Energy Future committee looks to hire legal counsel, financial adviser
By Kali Hays
New York, July 28 – Energy Future Holdings Corp.’s official committee of unsecured creditors is seeking court authorization to employ Morrison & Forester LLP and Polsinelli PC as its joint legal counsel and FTI Consulting, Inc. as its financial adviser, according to separate Friday motions with the U.S. Bankruptcy Court for the District of Delaware.
If approved, the company asked that the hiring of Morrison and Polsinelli be retroactive to May 12 and May 13, respectively, and that the hiring of FTI be retroactive to May 19.
The committee selected both Morrison and Polsinelli based on each firm’s experience in bankruptcy-related restructurings and in practicing before the Delaware courts, according to the motions.
While Morrison will act as the committee’s lead counsel and will be its main restructuring adviser, both firms will assist in negotiations with Energy Future, analyze any proposed plan or sale and represent the committee in court as necessary.
Morrison attorneys associated with the case will be paid an hourly rate between $280 and $1,250, and Polsinelli attorneys will be paid between $340 and $620 per hour.
FTI Consulting will provide the committee with assistance in gathering any necessary financial disclosures while assessing the liquidity of Energy Future, reviewing the company’s financial projections and corporate structure and attending meetings with potential investors and lenders, according to a motion.
FTI employees will be paid an hourly rate between $125 and $925.
Energy Future, a Dallas-based power generation company and utility operator, filed bankruptcy on April 29. The Chapter 11 case number is 14-10979.
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