Electricity and natural gas retailer Glacial Energy Holdings filed for Chapter 11 bankruptcy protection on Thursday with the intention to sell its assets to repay its debts.
The energy supplier, which unsuccessfully tried to sell its assets last month, said it reached a deal in which the lender, Vantage Commodities Financial Services I LLC, will acquire certain assets of Glacier.
Details of the deal with Vantage, a provider of market services to gas and power companies, were not immediately available.
In the filing, the company, with operations in 20 U.S. states and in 50 different utilities, had listed 18 affiliates seeking creditor protection with more than $1 billion in debt.
The Sandwich, Massachusetts-based company also listed as much as $1 billion in assets.
The case no. 14-10834-CSS in the United States Bankruptcy Court for the District of Delaware.
(Reporting by Shubhankar Chakravorty in Bangalore; Editing by Cynthia Osterman)