Source Home committee to hire financial adviser, joint legal counsel

By Kali Hays

New York, Aug. 19 – Source Home Entertainment, LLC’s official committee of unsecured creditors obtained court authorization to employ Lowenstein Sandler, LLP and Duane Morris LLP as its joint legal counsel and PricewaterhouseCoopers LLP as its financial adviser, according to separate Aug. 19 orders with the U.S. Bankruptcy Court for the District of Delaware.

The hiring of Lowenstein Sandler and Duane Morris is retroactive to July 10 and that of PricewaterhouseCoopers to July 11.

As previously reported, Lowenstein Sandler and Duane Morris will both provide the committee with any legal advice, assist it in negotiations with Source Home, analyze any proposed plan or disclosure statement and represent the committee in court as necessary, according to the motions.

Attorneys from Lowenstein Sandler will be paid an hourly rate between $275 and $995, while Duane Morris attorneys’ will be paid an hourly rate between $250 and $970.

In its role as financial adviser, PricewaterhouseCoopers will review all of the financial information provided by Source Home, review the company’s cash forecasts and wind-down budget, assist the committee in sale-related negotiations and in the formation of a Chapter 11 plan if necessary.

PricewaterhouseCoopers will be paid a blended hourly rate of $450 and will seek monthly expense reimbursement from the court.

Source is a Bonita Springs, Fla., integrated media, publishing, merchandising and logistics company that filed for bankruptcy on June 23. The Chapter 11 case number is 14-11553.

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