First Mariner creditor committee gets court approval to hire adviser

By Kali Hays

New York, April 8 - First Mariner Bancorp's official committee of unsecured creditors obtained court approval to hire Carl Marks Advisory Group LLC as its financial adviser, according to a Monday filing with the U.S. Bankruptcy Court for the District of Maryland.

The hiring is retroactive to Feb. 19.

As previously reported, the committee selected Carl Marks as its adviser based on its reputation as a top turnaround consulting firm and its expertise in the field of bankruptcy, according to the motion.

Carl Marks will provide the committee with analysis of First Mariner's financial position, business plans, cash flow projections and restructuring, while keeping the committee informed of First Mariner's ongoing performance and assisting in the committee's communications and negotiations with the company.

Carl Marks will be paid a monthly fee of $65,000 until the sale of the company is approved.

First Mariner, the Baltimore-based holding company for 1st Mariner Bank, filed bankruptcy on Feb. 10. The Chapter 11 case number is 14-11952.

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