Glacial Energy pulls motion for Chapter 7 conversion based on funding

By Kali Hays

New York, March 4 – Glacial Energy Holdings, Inc. withdrew its request that its Chapter 11 bankruptcy case be converted to Chapter 7, according to a March 4 notice with the U.S. Bankruptcy Court for the District of Delaware.

Upon filing for conversion, the company said that an approved wind-down budget only provided enough funding for the Chapter 11 case through December.

Glacial did not expect “to have sufficient funding to pay the totality of the professional fees and expenses incurred beyond December 2014 and otherwise lacks the funding to continue these Chapter 11 cases,” according to the motion.

No reason was provided for the withdrawal.

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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