Global Power's Bid To Retain Advisors Put On Hold

Law360, New York (November 7, 2006, 12:00 AM EST) -- The judge in charge of Global Power Equipment Group Inc.’s bankruptcy proceedings has reportedly stalled the debtors’ attempts to hire two firms to provide financial and restructuring advice until a shareholders committee is formed and has a chance to weigh in.

At a hearing on Monday, U.S. Bankruptcy Judge Brendan Shannon said he was confident the debtors would end up retaining turnaround firm Alvarez & Marsal and financial advisor Blackstone Group LP. But he also said shareholders in the bankrupt power equipment designer and fabricator should...
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