Brookstone creditor committee gets permission to hire legal counsel

By Kali Hays

New York, May 15 - Brookstone, Inc.'s official committee of unsecured creditors received court approval to employ Cooley LLP and Gibbons PC as legal counsel during the company's Chapter 11 case, according to separate Thursday orders with the U.S. Bankruptcy Court for the District of Delaware.

Both hirings are retroactive to April 11.

As previously reported, the committee believes Cooley to be "especially well-suited" to act as its lead legal representative based on the firm's expertise in bankruptcy litigation and past representation of official committees, according to the motion.

Gibbons will act as co-counsel and was selected based on its experience in complex reorganizations.

Both firms will attend committee meetings, review Brookstone's financial information, investigate the company's asset value, and analyze any proposed plan and debtor-in-possession financing, as well as prepare all legal documents for the committee and appear in court whenever necessary.

Associates and partners of Cooley will be paid an hourly rate between $375 and $990 while Gibbons' associates will be paid an hourly rate between $245 and $650.

Brookstone, a Merrimack, N.H.-based specialty retailer, filed bankruptcy on April 3. The Chapter 11 case number is 14-10752.

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