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Energy & Exploration committee asks to hire counsel, financial adviser
By Caroline Salls
Pittsburgh, Dec. 31 – Energy & Exploration Partners, Inc.’s official committee of unsecured creditors requested court approval to hire Cole Schotz PC and Arent Fox LLP as co-counsel and FTI Consulting, Inc. as financial adviser, according to motions filed Dec. 31 with the U.S. Bankruptcy Court for the Northern District of Texas.
If approved, the hirings will be retroactive to Dec. 16.
Cole Schotz and Arent Fox’s duties will include advising the committee in connection with the company’s Chapter 11 case, assisting the committee with claims analysis and case negotiations, assisting the committee with investigations, representing the committee at hearings and other proceedings and preparing case documents.
Meanwhile, FTI will assist in the review of financial disclosures, employee benefit programs, core business assets, contract and lease cost/benefit analysis, potential cost savings, tax issues and claims reconciliation, assist in the assessment of financing proposals, company operating results, plan information and avoidance actions and assist in the prosecution of committee objections and responses.
Arent Fox’s hourly rates include $180 to $320 for paraprofessionals, $320 to $630 for associates, $555 to $910 for “of counsel” attorneys and $570 to $965 for partners. The hourly rates for Cole Schotz attorneys and paralegals primarily responsible for representing the committee range from $230 per hour to $715 per hour.
FTI will seek compensation of $175,000 per month for the first four months of its engagement and $150,000 per month after that.
A hearing is scheduled for Jan. 26.
Energy & Exploration Partners is an oil and natural gas exploration and production company based in Fort Worth, Texas. The company for filed bankruptcy on Dec. 7 under Chapter 11 case number 15-44931.
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