Glacial Energy to seek approval of $265,000 bid for subsidiary assets

By Kali Hays

New York, Dec. 19 – Glacial Energy Holdings, Inc. selected an offer of $265,000 from JKMV ACQ LLC as the prevailing bid during an auction of its subsidiary Ziphany, LLC, according to a Friday notice with the U.S. Bankruptcy Court for the District of Delaware.

The back-up bidder is Demand Response Partners, Inc. with an offer of $260,000.

As previously reported, if Glacial had not received a qualified bid for the assets, Ziphany would have been sold to debtor-in-possession lender Vantage Commodities Financial Services I, LLC for $300,000 and the release of its liens against Glacial.

A hearing to consider the sale will be held Jan. 8.

Glacial Energy, a Sandwich, Mass.-based electricity and natural gas company, filed for bankruptcy on April 10, 2014. The Chapter 11 case number is 14-10833.

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