Glacial Energy requests exclusivity extension to wind down businesses

By Caroline Salls

Pittsburgh, April 2 – Glacial Energy Holdings, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Glacial Energy wants to extend its exclusive filing period through July 6 from April 6 and the solicitation period through Sept. 4 from July 6.

Since its bankruptcy filing, the company said it has negotiated settlements that resolved numerous issues, including the funding of the Chapter 11 cases, completed two separate sales, filed numerous rejection motions, negotiated funding for an orderly winddown and begun the claims-reconciliation process.

As a result of this progress, Glacial said it feels “it is reasonable to request additional time to proceed with an orderly wind-down of the debtors’ businesses and these Chapter 11 cases.”

A hearing is scheduled for May 13.

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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