Glacial Energy wins court approval of $265,000 sale of Ziphany assets

By Kali Hays

New York, Jan. 7 – Glacial Energy Holdings, Inc. received approval of a $265,000 sale of its subsidiary Ziphany, LLC to JKMV ACQ LLC, according to a Wednesday order from the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, JKMV was the prevailing bidder for the assets during an auction held in December.

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.

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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