Glacial Energy Holdings Inc., an electric company that operates in more than 20 states, filed for bankruptcy protection Thursday with a plan to sell its business to Vantage Commodities Financial Services LLC, subject to higher bids at auction, the Wall Street Journal reported today. The company, based in Dallas, Texas, filed for chapter 11 protection along with more than a dozen affiliates listing assets between $500 million and $1 billon and debt of more than $1 billion. Glacial Energy, a retail energy supplier selling electricity and natural gas, filed for bankruptcy after an earlier deal to sell the company fell apart, according to court papers. The company is in default on a loan provided by New York-based Vantage, a joint venture between EDF Trading North America, LLC and VMAC, LLC. It blamed its financial difficulties on changes in consumer behavior and increased market completion, which have taken a significant bite out of its revenue.
