Chassix committee gets nod to hire legal counsel and financial adviser

By Caroline Salls

Pittsburgh, May 13 – Chassix Holdings, Inc.’s official committee of unsecured creditors obtained court approval to hire Akin Gump Strauss Hauer & Feld LLP as legal counsel and Teneo Securities LLC as its financial adviser, according to orders filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

Both hirings are retroactive to March 19.

As counsel to the committee, Akin Gump will advise it in negotiations with Chassix, assist the committee in its investigation into the company and its financial condition, analyze the company’s claims and capital structure and represent the committee in meetings and court proceedings as needed, according to the motion.

Akin Gump attorneys with primary responsibility for the case will be paid an hourly rate between $410 and $1,300.

In its role as financial adviser, Teneo will analyze the operations and financial condition of Chassix and any proposed financing or transaction, evaluate the company’s assets and liabilities, assist in the drafting of a “go-forward” capital structure, investigate some pre-bankruptcy transactions and provide the committee and its counsel with “general restructuring advice,” according to the motion.

Advisers and support staff of Teneo will be paid hourly rates ranging from $145 to $850.

Chassix, a Southfield, Mich.-based manufacturer and supplier of aluminum and iron chassis sub-frame components, including steering knuckles, control arms, sub-frames and assemblies, filed for bankruptcy on March 12. The Chapter 11 case number is 15-10578.

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