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Energy Future committee eyes additional counsel, restructuring adviser
By Kali Hays
New York, Dec. 22 – Energy Future Holdings Corp.’s official committee of unsecured creditors asked for authorization to hire Montgomery, McCracken, Walker & Rhoads, LLP and Sullivan & Cromwell LLP as additional legal counsel and AlixPartners, LLP as its restructuring adviser, according to separate Monday motions with the U.S. Bankruptcy Court for the District of Delaware.
The committee asked that both counsel hirings be retroactive to Nov. 5 and that of AlixPartners be retroactive to Nov. 20.
Though Montgomery will act as the committee’s lead counsel in Delaware, Sullivan will also be responsible for advising the committee on its powers, assisting in the review of any plan or sale and the general preparation of information for all court proceedings, according to a motion.
As previously reported, the committee received approval to hire Morrison & Forester LLP and Polsinelli PC as legal counsel beginning in May 2014.
Attorneys of Montgomery responsible for the case will be paid an hourly rate of $290 to $675 and those of Sullivan will be paid an hourly rate of $460 to $1,295.
Both firms will also seek expense reimbursement from the court.
In its role as restructuring adviser, AlixPartners will analyze the current financial state of Energy Future, investigate company transactions and potential fraudulent conveyances or causes of action, assist in the development of a plan and provide expert testimony when necessary, according to a motion.
AlixPartners employees will be paid an hourly rate of $290 to $1,010 and seek related expense reimbursement.
A hearing to consider the hirings is scheduled for Jan. 13.
Energy Future, a Dallas-based power generation company and utility operator, filed bankruptcy on April 29, 2014. The Chapter 11 case number is 14-10979.
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