Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Q > Headlines for Quirky, Inc. > News item |
Quirky seeks to hire consultant to assist with wind-down operations
By Mark Reccek
Bethlehem, Pa., Jan. 22 – Quirky, Inc. requested court approval to retain Peter Schaeffer of GlassRatner Advisory & Capital Group LLC, effective Jan. 19, as the company's’ wind-down consultant, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.
Schaeffer will be responsible for authorizing wire payments, approving cancellation of services no longer necessary to the debtors’ operations, organizing the debtors’ books and records and overseeing any other administrative tasks necessary for winding down operations.
Schaeffer will be paid a fixed monthly rate of $10,000 and reimbursed for reasonable out-of-pocket expenses.
If Schaeffer’s responsibilities should change from wind-down consultant to chief restructuring officer, a revised fee structure will be issued, effective Jan. 19.
“The engagement of Mr. Schaeffer represents a sound exercise of the debtors’ business judgment,” the motion said. “The debtors believe that he will provide the services that ultimately benefit the debtors’ estates and creditors in a cost effective and efficient manner, and help ensure an efficient wind down of the debtors’ operations.”
According to the motion, Quirky has ceased all business operations and sold substantially all of its assets. The company has also reduced staff, including eliminating the positions of chief executive officer and chief financial officer, as well as mid-level employees.
A hearing is scheduled for Feb. 11.
Quirky, a New York-based invention startup company, filed for bankruptcy on Sept. 22. The Chapter 11 case number is 15-12596.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.