BPZ Resources unsecured committee OK’d to hire Akin Gump as counsel

By Kali Hays

New York, June 9 – BPZ Resources, Inc.’s official committee of unsecured creditors received approval to hire Akin Gump Strauss Hauer & Feld LLP as its counsel retroactive to April 28, according to a Tuesday order from the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Akin Gump’s duties will include advising the committee on its rights, duties and powers in the Chapter 11 case, assisting in negotiations, assisting in analyzing claims and the company’s capital structure, assisting the committee in its investigation of the acts, conduct, assets, debt and financial condition of BPZ and its insiders, representing the committee at hearings and other court proceedings and reviewing and preparing court documents.

Current hourly rates charged by Akin Gump partners range from $700 to $1,300, hourly rates for senior counsel and counsel range from $545 to $930, hourly rates for associates range from $410 to $775, and hourly rates for paraprofessionals range from $160 to $375.

Houston-based BPZ Resources is an independent oil and gas exploration and production company with operations in Peru and Ecuador. The company filed for bankruptcy on March 9 under Chapter 11 case number 15-60016.

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