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Signal International committee requests to hire legal counsel, financial adviser
By Mark Reccek
Bethlehem, Pa., Aug. 31 – Signal International, Inc.’s official committee of unsecured creditors requested approval to hire Pachulski Stang Ziehl & Jones LLP as legal counsel and GlassRatner Advisory & Capital Group LLC as financial adviser, both retroactive to July 22, according to orders issued Friday with the U.S. Bankruptcy Court for the District of Delaware.
Pachulski Stang Ziehl & Jones attorneys will assist, advise and represent the committee in its consultations with the debtors regarding the administration of the case; analyze the debtors’ assets and liabilities; assist and advise the committee on the proposed sale of company assets; and represent the committee in the negotiation, formulation or objection to any plan of liquidation or reorganization.
GlassRatner will be responsible for analyzing the debtors’ liquidation and waterfall analysis, as well as the underlying financial projections; developing a revised liquidation and waterfall analysis and/or valuation based on the evaluation of the underlying facts and circumstances; monitoring sales proceeds; analyzing the company's operations and financial information prior to and after the petition date; and advising the committee and its counsel on various financial and business matters.
Pachulski Stang Ziehl & Jones paralegals and attorneys will be paid an hourly rate between $305 and $995.
GlassRatner will be paid an hourly rate between $225 and $550.
A hearing on the matter is scheduled for Oct. 14.
Signal International, a Mobile, Ala.-based marine construction firm, filed bankruptcy on July 12. The Chapter 11 case number is 15-11498.
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