Joel R. Glucksman
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201-896-7095 jglucksman@sh-law.comFirm Insights
Glacial Energy Holdings files for protection, seeking sale
Author: Joel R. Glucksman
Date: April 24, 2014
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Glacial Energy Holdings, an electricity and natural gas provider in 20 U.S. states, filed for protection under Chapter 11 of the bankruptcy law on April 10, according to Reuters. The company intends to sell its assets to pay its debts. It attempted, unsuccessfully, to sell its assets last month, but the deal fell through. Glacial Energy Holdings is now saying that it has reached a deal with creditor Vantage Commodities Financial Services I LLC, in which the lender will acquire some of its assets. Details of the deal were not immediately available.
The Sandwich, Mass. company has listed approximately $1 billion in assets and over $1 billion in liabilities, the factor that caused the previous assets sale to fall through, according to Bloomberg. Eighteen of the company’s affiliates also sought protection under the bankruptcy law.
Glacial Energy Holdings was formed in 2005 to supply energy in deregulated states to residential and commercial customers, the news source explained. Randy Lennan, CEO of affiliate Glacial Energy VI LLC, said in a court filing that increased competition reduced revenue and caused the company to default on some debt.
Last year, the company settled with the Texas Public Utility Commission to resolve alleged regulatory violation, Bloomberg reported. Violations included misrepresentations in its applications and over billing of customers. Former CEO and majority owner Gary Mole was forced to give up control of the company as part of the settlement.
The company is seeking to borrow up to $122 million from Vantage, pending court approval, to help fund operations as its case makes its way through bankruptcy court.
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