Liberty Power Cuts Entire Staff And Files For Ch. 11

Law360 (April 21, 2021, 11:44 AM EDT) -- Electrical retailer Liberty Power has filed for Chapter 11 in a Florida bankruptcy court, saying it was forced into the action by a nearly $86 million electrical bill stemming from February's freak winter storm in Texas and the loss of its management staff this weekend.

In filings late Tuesday and Wednesday, Liberty said the storm-induced spike in power costs and the layoff of its parent company's entire staff over the weekend left it no choice but to seek bankruptcy protection.

"Today's action will protect the value of our business, allow us to continue our operations and serve our customers, and provide...

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