Quirky OK’d to retain consultant to assist with wind-down operations

By Mark Reccek

Bethlehem, Pa., Feb. 11 – Quirky, Inc. obtained court approval to hire Peter Schaeffer of GlassRatner Advisory & Capital Group LLC, effective Jan. 19, as the company’s wind-down consultant, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, 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.

Also, if Schaeffer’s responsibilities should change from wind-down consultant to chief restructuring officer, a revised fee structure will be issued, effective Jan. 19.

According to a previous court filing, 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.

Quirky, a New York-based invention startup company, filed for bankruptcy on Sept. 22. The Chapter 11 case number is 15-12596.

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