Mississippi Phosphates committee gets OK to hire Capstone Advisory

By Kali Hays

New York, Feb. 25 – Mississippi Phosphates Corp.’s official committee of unsecured creditors received approval to hire Capstone Advisory Group LLC as is financial adviser, retroactive to Dec. 16, under a Feb. 24 order from the U.S. Bankruptcy Court for the Southern District of Mississippi.

As financial adviser, Capstone will monitor the sale process of Mississippi Phosphates and analyze its current and projected financial affairs, review any cash disbursements of the company and any court motions, while also assisting the committee in negotiations and attending meetings as needed.

Capstone employees will be paid an hourly rate ranging from $125 to $875 and the company intends to seek expense reimbursement from the court.

Mississippi Phosphates, a Pascagoula, Miss., fertilizer company, filed for bankruptcy on Oct. 27. The Chapter 11 case number is 14-51667.

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