Glacial Energy Files For Bankruptcy Protection

Posted by Greg Trauthwein
Thursday, April 10, 2014
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)
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0593 sec (17 req/sec)