Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Glacial Energy Holdings files for protection, seeking sale
Author: Joel R. Glucksman
Date: April 24, 2014
Key Contacts
Back
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.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Why Compliance Monitoring Matters for NY and NJ Businesses
Compliance programs are no longer judged by how they look on paper, but by how they function in the real world. Compliance monitoring is the ongoing process of reviewing, testing, and evaluating whether policies, procedures, and controls are being followed—and whether they are actually working. What Is Compliance Monitoring? In today’s heightened regulatory environment, compliance […]
Author: Dan Brecher
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.