Russell-Stanley requests court OK to hire Blackstone as financial adviser

By Caroline Salls

Pittsburgh, Sept. 2 - Russell-Stanley Holdings, Inc. requested approval to hire The Blackstone Group LP as financial adviser in its Chapter 11 case, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Blackstone's duties would include:

* Assisting in the evaluation of the company's businesses and prospects;

* Assisting in the development of a long-term business plan and financial projections;

* Analyzing the company's financial liquidity and suggesting alternatives to improve it;

* Analyzing various restructuring scenarios and their impact on stockholders;

* Providing strategic advice on restructuring or refinancing debt obligations;

* Evaluating debt capacity and alternative capital structures;

* Participating in company negotiations with creditors, suppliers and lessors;

* Valuing securities offered in connection with restructuring;

* Advising the company and negotiating with lenders on amendments or waivers to various credit facilities; and

* Assisting in arranging debtor-in-possession financing.

A hearing will be held Sept. 23 if there are any objections to the appointment.

Russell-Stanley, a Bridgewater, N.J., maker of plastic drums and steel drums and an industrial container supply chain management company, filed for bankruptcy on Aug. 19. Its Chapter 11 case number is 05-12339.

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