Allied Nevada Gold committee eyes team of legal, financial advisers

By Kali Hays

New York, April 10 – Allied Nevada Gold Corp.’s official committee of unsecured creditors is seeking authorization to hire Polsinelli PC and Arent Fox LLP as joint counsel and Zolfo Cooper, LLC as its financial adviser, according to separate Friday motions with the U.S. Bankruptcy Court for the District of Delaware.

The committee asked that the hiring of Polsinelli and Arent Fox be made retroactive to March 19 and that of Zolfo to March 23.

According to the motions, Polsinelli will act as the committee’s local counsel in Delaware while Arent Fox will be supporting co-counsel, but both firms will advise the committee as to its rights during Allied’s bankruptcy process, investigate the company’s financial condition, review any proposed plan or financing and attend meetings, negotiations and court proceedings as necessary.

Attorneys of both firms will be paid on an hourly basis, with rates of Polsinelli ranging from $180 to $900 and those of Arent Fox ranging from $320 to $940.

As the committee’s financial adviser, Zolfo Cooper will monitor Allied’s cash flow and operating performance, evaluate the company’s business plan, investigate any financial recoupment possibilities and advise the committee in its negotiations with the company, according to a motion.

Directors and staff of Zolfo Cooper assigned to the committee’s case will be paid an hourly rate between $265 and $925.

Allied Nevada is a Reno, Nev., gold and silver miner that filed for bankruptcy on March 10. Its Chapter 11 case number is 15-10503.

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