Glacial Energy asks court to dismiss remaining Chapter 11 cases

By Sheri Kasprzak

New York, May 17 – Glacial Energy Holdings, Inc. entered a motion Tuesday in the U.S. Bankruptcy Court for the District of Delaware to dismiss its remaining Chapter 11 cases and authorize the dissolution of its remaining corporate entities.

Following the sale of the company’s assets to Platinum Partners Value Arbitrage Fund LP and Ziphany LLC, the company no longer has any basis or purpose for continuing its Chapter 11 cases, the motion said.

“At this stage of the Chapter 11 cases, the debtors do not have any unencumbered funds available for distribution to general unsecured credits, and therefore, they submit that cause exists to dismiss the Chapter 11 cases,” said the motion.

“Consistent with the terms of the global settlement order, upon entry of the proposed order approving the dismissal of these Chapter 11 cases, additional distributions may be made by the debtors from the settlement fund to holders of allowed eligible administrative claims.”

Based in Sandwich, Mass., Glacial Energy is an electricity and natural gas company. It filed for bankruptcy on April 10, 2014 under Chapter 11 case number 14-10833.

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