Glacial Energy, St. Thomas-based EDC beneficiary, files for bankruptcy
Published: April 12, 2014
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ST. THOMAS - Glacial Energy, an Economic Development Commission beneficiary, has filed for bankruptcy, and the company is up for sale. According to a statement released Thursday, the voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court was filed in the District of Delaware.
As part of the bankruptcy filing, Glacial Energy will be restructuring its operations, including selling most of the company's assets.
During the Chapter 11 filing, the company can continue its operations, according to the written statement from the company.
No one from Glacial Energy offices in the Virgin Islands could be reached for comment on Friday.
The company's senior creditor will fund the continued operations of the company while it goes through bankruptcy.
"The Chapter 11 process and ultimate sale of Glacial Energy's assets has been a cooperative process with our senior secured lender," Glacial Energy's Chief Executive Officer Randy Lennan said in a prepared statement.
Glacial Energy has retained Houlihan Lokey to help sell the company, according to Glacial's statement.
Glacial Energy is a provider of electricity and natural gas to commercial, industrial and residential customers in the deregulated energy markets, according to the company's statement.
Glacial Energy serves commercial, industrial, institutional and residential customers in New York, New Jersey, Pennsylvania, Ohio, Illinois, Michigan, Indiana, the District of Columbia, Maryland, Delaware, Virginia, Massachusetts, Connecticut, Rhode Island, New Hampshire, Maine, California, Texas, and Florida.
The company's operations are based in St. Thomas, with offices located at Yacht Haven Grande.
Interested bidders can contact Michael Boone at Houlihan Lokey at 214-220-8497 or MBoone@HL.com.