Wet Seal creditor committee looks to hire legal and financial adviser

By Kali Hays

New York, Feb. 20 – Wet Seal, Inc.’s official committee of unsecured creditors is seeking authorization to employ Pachulski Stang Ziehl & Jones LLP as its legal counsel and Province, Inc. as its financial adviser, according to separate motions filed Feb. 19 with the U.S. Bankruptcy Court for the District of Delaware.

If approved, the committee asked that both hirings be retroactive to Jan. 30.

As counsel to the committee, Pachulski Stang will assist and advise it in all aspects of the bankruptcy case, including company and creditor negotiations, analysis of any proposed plan or asset sales and representation in all necessary court proceedings.

Attorneys of the firm will be paid an hourly rate between $305 and $895, while also seeking expense reimbursement from the court.

In its role as financial adviser, Province will analyze Wet Seal’s business and overall financial condition, advise the committee on responses to any proposed plan or financial transaction, provide claim analysis and monitor the company’s financing and sale process, according to a motion.

Province advisers will be paid an hourly rate between $295 and $650 in addition to expense reimbursement.

A hearing to consider the hirings is set for March 18.

Wet Seal, a Foothill Ranch, Calif.-based clothing retailer, filed for bankruptcy on Jan. 15 under Chapter 11 case number 15-10081.

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