A bankruptcy judge approved Glacial Energy Holdings Inc.'s so-called first-day motions, which will allow the electricity and natural gas retailer to pay employees and to borrow the funds it needs to continue operations, Dow Jones Daily Bankruptcy Review reported today. The approvals from Judge Christopher Sontchi take the company a step closer to fulfilling a plan to sell its business to senior lender Vantage Commodities Financial Services LLC, subject to higher bids at auction. Judge Sontchi is allowing Glacial Energy to pay its vendors, access its bank accounts, as well as retain the professionals needed to handle its bankruptcy case.
