Bankrupt Retail Supplier Files To Convert Case to Chapter 7

Glacial Energy has petitioned a bankruptcy court to convert its bankruptcy proceedings to Chapter 7, from Chapter 11, stating that it does not have funding to continue the Chapter 11 case.

Glacial has already conducted a sale process for its retail supplier subsidiaries, under which Platinum Partners Value Arbitrage Fund LP was selected as the winning bidder. As previously reported, Agera Energy LLC was designated by Platinum as the designated buyer of the Glacial suppliers.

Economic closing of the sale has occurred, but Glacial and Platinum are still performing certain critical tasks related to the Asset Transfer Closing Date, which has yet to be fully completed.

On or about February 23, 2015, a partial asset transfer closing occurred, pursuant to which each of Glacial Energy of New York, Glacial VI, LLC, Gridway Energy Holdings, Inc. and Negawatt Business Solutions transferred certain of their assets to Agera.

Glacial noted that with the sale of the retail suppliers, as well as a separate sale of Ziphany, it has ceased operations and disposed of substantially all of its assets