Glacial Energy committee asks to employ legal and financial adviser

By Kali Hays

New York, May 8 - Glacial Energy Holdings, Inc.'s official committee of unsecured creditors asked for court approval to hire Lowenstein Sandler LLP as legal counsel and FTI Consulting, Inc. as its financial adviser, according to two Thursday motions with the U.S. Bankruptcy Court for the District of Delaware.

If approved, the hiring of Lowenstein Sandler will be retroactive to April 30 and the hiring of FTI will be retroactive to April 24.

The committee selected Lowenstein Sandler because of its knowledge of complex restructurings and said that the firm will assist in the committee's investigation of the company while handling all of its legal needs and appearing in court proceedings, according to a motion.

Attorney's responsible for the case will be paid an hourly rate between $250 and $945.

Also selected for its experience in advising as well as its "excellent reputation," FTI will assist the committee in its review of Glacial's financial affairs and assets, analyze proposed debtor-in-possession financing, assist in the claims reconciliation and estimation process, and attend meetings with the committee, according to a motion.

FTI employees involved in the case will be paid an hourly rate between $300 and $925.

A hearing is scheduled for May 29.

Glacial Energy, a Sandwich, Mass.-based electricity and natural gas company, filed for bankruptcy on April 10. The Chapter 11 case number is 14-10833.

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