Ice Co. Arctic Glacier Seeks Ch. 15, Eyes Canadian Sale

Law360, New York (February 24, 2012, 2:52 PM EST) -- Canadian ice maker Arctic Glacier Inc. filed for bankruptcy protection Wednesday in Delaware federal court to gain U.S. recognition of a foreign sale process that would melt away its rising debts.

The Chapter 15 filing by Winnipeg, Canada-based Arctic Glacier and 29 subsidiaries came as the insolvent company, which sells packaged ice in the U.S. and Canada, won a Canadian court’s permission to seek out a buyer. Arctic Glacier had assets of $65 million and liabilities of $240 million as of Sept. 30, according to filings...
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