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Affirmative Insurance requests hiring of counsel, financial adviser
By Mark Reccek
Bethlehem, Pa., Oct. 27 – Affirmative Insurance Holdings, Inc. requested court approval to retain McDermott Will & Emery LLP as counsel, retroactive to Oct. 8, and BDO USA LLP as financial adviser, retroactive to Oct. 6, according to motions filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
McDermott Will & Emery attorneys will be responsible for advising the company with respect to its powers and duties as debtor-in-possession; advising and consulting on the conduct of the Chapter 11 cases; attending meetings and negotiating with representatives of the company’s creditors and other interested parties; preparing the necessary legal documents; advising the company with respect to a potential sale of assets; appearing in court on behalf of the company; and advising the company regarding insurance and regulatory matters.
BDO USA representatives will be responsible for preparing financial information; developing a 13-week cash flow forecast; preparing long-term financial and cash flow projections; assisting the company in the preparation of a plan and disclosure statement, and related financial schedules; providing litigation support to the company’s counsel; and conducting other financial analysis.
McDermott Will & Emery paralegals and attorneys will be paid an hourly rate between $250 and $915, while BDO USA representatives will be paid an hourly rate between $175 and $795.
Affirmative Insurance is a Burr Ridge, Ill.-based producer and provider of personal non-standard automobile insurance policies to individual consumers. The Chapter 11 case number is 15-12136.
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