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Quicksilver creditor committee to hire joint legal, financial adviser
By Kali Hays
New York, April 22 – Quicksilver Resources Inc.’s official committee of unsecured creditors is seeking authorization to employ Paul, Weiss, Rifkind, Wharton & Garrison LLP and Landis Rath & Cobb LLP as joint counsel and Capstone Advisory Group, LLC as its financial adviser, according to separate motions filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
If approved, the hirings of Paul Weiss and Landis Rath will be made retroactive to March 25 and that of Capstone to March 30.
Paul Weiss will act as the committee’s lead counsel and Landis Rath as its local counsel in Delaware, but both firms will advise the committee in its dealings and negotiations with Quicksilver, assist in an investigation into the company’s financial position, prepare any legal arguments and documents and appear in court on behalf of the committee as needed, according to the motions.
Attorneys of Paul Weiss with primary responsibility for the committee’s case will be paid an hourly rate between $590 and $1,275 and attorneys of Landis Rath will also be paid an hourly rate, though specific amounts were not disclosed.
As the committee’s financial adviser, Capstone will analyze the past and current business plan of Quicksilver and its assets, monitor the company’s cash flow, prepare valuation analysis, develop strategies to maximize creditor recoveries and advise the committee on any plan or transaction proposed by the debtors.
Capstone advisers and support staff will be paid hourly rates between $125 and $895.
A hearing to consider the hirings is set for May 12.
Quicksilver is a Fort Worth-based independent oil and gas exploration and production company. The company filed for bankruptcy on March 17 under Chapter 11 case number 15-10585.
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