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Glacial Energy Book to Be Acquired By Another Retail Supplier Via Second Sale
August 5, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
Glacial Energy's retail energy book will ultimately be acquired by another retail supplier after the winning bidder in a bankruptcy auction has itself sold the books, according to a regulatory filing with PUCO.
Specifically, Agera Energy LLC, in an application for an Ohio retail electric supplier license, explained that it will eventually assume the Glacial retail energy books, once various approvals are granted
In Glacial's bankruptcy proceeding, the court approved a sale of substantially all of Glacial's assets to Platinum Partners Value Arbitrage Fund LP, or its designee.
Agera Energy said that Platinum has designated Agera to acquire the ownership of the Glacial assets to be transferred pursuant to the court's sale order, and to effectively assume Glacial's retail electric and gas businesses.
Agera's purchase of the Glacial assets was financed by a third party, Agera said.
Agera Energy LLC is owned by Agera Holdings LLC. Agera Holdings is owned 95.01% by Michael Joseph Nordlicht and 4.99% by MF Energy Holdings, LLC. Nordlicht does not own, control or have any affiliation with any retail or wholesale energy providers, Agera said in its Ohio application
MF Energy is a Delaware limited liability company owned 100% by Mark Feuer. Feuer does not own, control or have any affiliation with any retail energy, wholesale electricity or natural gas providers, Agera said in its Ohio application
Agera said that since the execution of the court's sale order, Glacial and Platinum consummated an "economic closing" on June 18, 2014. Consistent with the sale order, and after such economic closing, various Glacial Energy retail suppliers will continue to operate until the asset transfer closing occurs (i.e., the date that Agera is permitted to assume the right, title and interest of various Glacial retail suppliers. As a condition to the asset transfer closing, Agera is required to secure all necessary regulatory approvals and consents to operate as a retail electric and/or gas supplier in various states.
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