A bankruptcy judge today could clear Platinum Partners Value Arbitrage Fund LP to take over struggling Glacial Energy Holdings Inc. after winning a bankruptcy auction earlier this month, the Wall Street Journal reported on Saturday. The value of Platinum Partners’ winning offer hasn’t been disclosed in documents filed to the U.S. Bankruptcy Court in Wilmington, Del. Throughout the case, Glacial Energy was able to spend a $122 million bankruptcy loan from a senior lender, which had also offered to purchase Glacial Energy out of bankruptcy but lost at auction. Bankruptcy Judge Christopher Sontchi needs to approve the Platinum Partners deal before it can close.
