Tuscany committee of equity holders seeks financial and legal adviser

By Kali Hays

New York, April 1 - Tuscany International Drilling Inc.'s official committee of equity security holders requested approval to employ Gavin/Solmonese LLC as its financial adviser and Landis Rath & Cobb LLP as legal counsel, according to two Monday filings with the U.S. Bankruptcy Court for the District of Delaware.

The committee asked that the hiring of Gavin/Solmonese be retroactive to March 13 and the hiring of LRC be retroactive to Feb. 2.

The committee selected Gavin/Solmonese based on its experience working with "financially troubled entities" and its "familiarity with the debtors business," according to the filing.

The firm will assist the committee in its evaluation of Tuscany's financial history and current financial condition, its liquidity needs and any material agreements, as well as advising the committee on reorganization efforts and the marketing of assets.

The three members of the firm with primary responsibility over the committee's needs will be paid an hourly rate between $375 and $625.

The committee selected LRC as legal counsel because of its "expertise in bankruptcy law" and said that the firm will also assist it in its investigation of Tuscany's financial condition and any negotiations with the company, while also handling all legal needs and court appearances, according to the filing.

A hearing to approve the hirings is scheduled for May 6.

Tuscany, a Calgary, Alta.-based oilfield services provider, filed bankruptcy on Feb. 2. The Chapter 11 case number is 14-10193.

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