GT Advanced creditor committee looks to hire legal, financial adviser

By Kali Hays

New York, Nov. 13 – GT Advanced Technologies Inc.’s official committee of unsecured creditors asked for authorization to hire Kelley Drye & Warren LLP as its legal counsel and EisnerAmper LLP as its financial adviser, according to separate motions filed Thursday with the U.S. Bankruptcy Court of the District of New Hampshire.

The committee asked that the hiring of Kelley Drye be retroactive to Oct. 14 and that of EisenrAmper to Oct. 29.

According to a motion, Kelley Drye has represented “numerous” creditor committees and will advise the committee in its investigation into GT’s financial affairs, assist in analysis of all claims and represent the committee in negotiations as well as all court proceedings.

Attorney’s representing the committee will be paid an hourly rate between $330 and $875, though Kelley Drye agreed to limit hourly rates to $650 for the remainder of 2014.

EisnerAmper will “advise and navigate the committee to ensure that the debtors’ restructuring is in the best interests of creditors,” according to a motion.

Financial advisers will be paid an hourly rate between $160 and $600, but EisnerAmper’s monthly fees will be capped at $60,000.

A hearing is set for Dec. 10.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6 under Chapter 11 case number 14-11916.

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