On Thursday, April 10, 2014, electricity and natural gas provider Glacial Energy Holdings and its affiliated debtors filed for Chapter 11 bankruptcy protection in Delaware. A copy of Glacial Energy's bankruptcy petition may be found here. According to the petition, Glacial Energy estimates its assets between $500 million to $1 billion with liabilities estimated to be more than $1 billion. A consolidated list of creditors holding the largest 20 unsecured claims was filed with the petition of Gridway Energy Holdings, Inc. A copy of Gridway Energy's petition and list of creditors is found here.
Debtors offer the declaration of Randy Lennan in support of their first day motions and applications. A copy of the Lennan Declaration is attached here. According to the Lennan Declaration, Debtors have reached an agreement with its lender, Vantage Commodities Financial Services I LLC to provide debtor in possession financing and act as the stalking horse bidder in the sale of the Debtors' assets through an auction.
The lead case is Gridway Energy Holdings Inc., case no. 14-10833-CSS. The cases have been assigned to The Honorable Christopher S. Sontchi for administration.