Horsehead creditors committee OK’d to hire counsel, financial adviser

By Caroline Salls

Pittsburgh, April 4 – Horsehead Holding Corp.’s official committee of unsecured creditors received court approval to hire Lowenstein Sandler LLP as counsel and FTI Consulting, Inc. as financial adviser, according to orders filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Horsehead also obtained court approval to hire Drinker Biddle & Reath LLP as co-counsel.

The hirings were all approved retroactive to Feb. 16.

Lowenstein Sandler will advise the committee on its case-related rights, analysis of the company’s claims and capital structure, negotiations, investigation of company conduct, assets and debt and financial condition. In addition, counsel will prepare case pleadings and represent the committee at hearings and other proceedings.

As co-counsel and as Delaware counsel, Drinker Biddle is expected to “complement and not duplicate the services of Lowenstein, lead counsel for the committee,” the committee said in a motion.

FTI will assist the committee with the review and analysis of company financial information, financing motions, asset sales, valuations, tax issues and fraudulent transfers.

The hourly rates charged by Lowenstein Sandler range from $110 to $1,100. Drinker Biddle’s hourly rates range from $205 to $800. FTI’s hourly rates range from $130 to $995.

Pittsburgh-based Horsehead Holding is the parent company of Horsehead Corp., a U.S. producer of specialty zinc and zinc-based products and a recycler of electric arc furnace dust. The company filed bankruptcy on Feb. 2 under Chapter 11 case number 16-10287.

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