Glacial Energy Holdings Inc., a privately held electric company that operates in more than 20 states, received a judge's approval Monday to move forward with a sale and settlement meant to ensure its chapter 11 case will proceed without delays or additional litigation, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Christopher Sontchi overruled an objection from a Justice Department representative and signed off on a key settlement between Glacial Energy, its unsecured creditors and its senior lender. Judge Sontchi also authorized the sale of Glacial's assets to Platinum Partners Value Arbitrage Fund LP for $32.8 million plus assumed liabilities and some adjustments.
