Global Power granted court OK to hire Blackstone as financial adviser

By Jennifer Lanning Drey

Portland, Ore., Dec. 18 - Global Power Equipment Group, Inc. obtained court approval to hire The Blackstone Group LP as its financial adviser, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Blackstone's duties will include assisting in evaluating Global Power's businesses and prospects, helping the company to develop a long-term business plan and related financial projections, assisting in the development of financial data for the company's board of directors and creditors, and analyzing the company's liquidity, according to a previously filed motion.

Global Power said in its motion requesting the approval that Blackstone is qualified to represent the company because it has extensive experience working with companies undergoing complex financial restructurings and on cases involving financially troubled foreign companies and companies with foreign exposure.

Global Power, a Tulsa, Okla., maker of gas turbine power plants and power-related equipment for industrial operations, filed for bankruptcy on Sept. 28. The Chapter 11 case number is 06-11045.

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