Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy

Glacial Energy Holdings Chapter 11 Petition Filed

Privately-held Glacial Energy Holdings and 18 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 14-10833 (Gridway Energy Holdings). The Company, which markets retail energy for residential, commercial, industrial and institutional customers in the United States, is represented by Michael R. Nestor/Joseph M. Barry of Young Conaway Stargatt & Taylor and Alan M. Noskow/Mark A. Salzberg of Patton Boggs. According to documents filed with the Court, “The competitive retail electric power industry is characterized by high degrees of both fragmentation, competition, and customer attrition because power providers complete primarily on price and have little else available to differentiate their products and services….Also, larger independent retail energy providers have been active in acquiring customer books of their competitors. Small consumers are also becoming more and more sophisticated in shopping for electric service….Small consumers are also using energy-efficient appliances and devices, adopting green building technologies, and taking other actions that help protect the environment, but also lower demand for energy products. All of these factors converged to decrease the Debtors’ revenue and cause them to default on certain of their obligations.” The Company indicated total assets of $500 million to $1 billion on its Chapter 11 petition.

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