Bankrupt Glacial Energy Gets Nod For $32.8M Sale

Law360, Wilmington (June 16, 2014, 4:48 PM EDT) -- A Delaware bankruptcy judge approved the sale of Glacial Energy Holdings Inc. to hedge fund Platinum Partners Value Arbitrage Fund LP for $32.8 million on Monday after denying an objection to an underlying settlement between the power company and its creditors committee.

At a hearing in Wilmington, U.S. Bankruptcy Judge Christopher S. Sontchi agreed to bless the unopposed going concern sale to Platinum Partners after first grudgingly overruling the U.S. Trustee's objection to a global settlement between Glacial Energy and its official committee of unsecured creditors.

Judge Sontchi said that although he shared the trustee's concerns with the settlement, he would...

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