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Standard Register committee to employ joint counsel, financial adviser
By Kali Hays
New York, April 20 – Standard Register Co.’s official committee of unsecured creditors is seeking court authorization to hire Lowenstein Sandler LLP and Polsinelli PC as joint legal counsel and Zolfo Cooper, LLC as its financial adviser, according to separate April 20 motions filed with the U.S. Bankruptcy Court for the District of Delaware.
If approved, the three hirings will be made retroactive to March 24.
Though Sandler will act as lead counsel and Polsinelli will provide local counsel in Delaware, both firms will advise the committee in its negotiations with Standard Register, assist in an investigation into the condition of the company, analyze any plan or proposed transaction and represent the committee in meetings and court proceedings as necessary, according to a motion.
Attorneys of Sandler will be paid an hourly rate between $275 and $995 and those of Polsinelli will be paid an hourly rate between $324 and $585.
As the committee’s financial adviser, Zolfo Cooper will analyze the financial standing and business plan of Standard Register, along with all of the claims against the company, advise the committee during plan negotiations and provide “other information and data” upon request, according to a motion.
Zolfo agreed to a 50% discount for its services and its advisers and support staff will be paid an hourly rate between $60 and $925.
A hearing to consider the hirings is set for May 12.
Standard Register is a Dayton, Ohio-based provider of business documents and related services for the health care, financial services, commercial and industrial markets. The company filed for bankruptcy on March 12 under Chapter 11 case number 15-10541.
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