Buccaneer committee asks to hire Alvarez & Marsal as financial adviser

By Kali Hays

New York, July 11 – Buccaneer Resources, LLC’s official committee of unsecured creditors is seeking approval to hire Alvarez & Marsal North America as its financial adviser during the company’s bankruptcy case, according to a Friday motion with the U.S. Bankruptcy Court for the Southern District of Texas.

The committee asked that the hiring be made effective as of June 11.

According to the motion, Alvarez & Marsal was selected based on its experience and reputation in bankruptcy matters, and the firm will advise the committee during the eventual sale or reorganization of Buccaneer’s assets, monitor the company’s operations and financial affairs and participate in the formulation of a Chapter 11 plan.

Alvarez & Marsal employees associated with the case will be paid an hourly rate between $225 and $850, but the aggregate fees payable to the firm are not to exceed $75,000 per month for the first three months and $50,000 per month thereafter.

A hearing on the matter is set for Aug. 5.

Buccaneer, a Houston-based oil and natural gas exploration and production company, filed bankruptcy on May 30. It is a subsidiary of Buccaneer Energy Ltd., a Sydney, Australia, company focused on developing oil and gas assets in Alaska. The Chapter 11 case number is 14-60041.

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