Glacial Energy eyes additional 90-day extension of exclusive periods

By Kali Hays

New York, Dec. 31 – Glacial Energy Holdings, Inc. is seeking a third extension of its exclusive Chapter 11 plan filing and solicitation periods, according to a Dec. 31 motion with the U.S. Bankruptcy Court for the District of Delaware.

The company asked that its exclusive filing period be extended through April 6 from Jan. 5 and its solicitation period through July 6, 2015 from March 6.

Glacial cited the impending close of its $265,000 sale of subsidiary Ziphany, LLC to bidder JKMV ACQ LLC as cause for relief. A hearing to approve the sale is scheduled for Jan. 8.

Proceeds from the sale will “provide for the funding of an orderly wind-down of the debtors’ businesses and conclusion of these Chapter 11 cases,” according to the motion.

A hearing on the extension is set for Feb. 6.

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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