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Allied Gold equity committee to hire joint legal, financial adviser
By Kali Hays
New York, May 12 – Allied Nevada Gold Corp.’s official committee of equity security holders is seeking authorization to hire Susman Godfrey LLP and Ashby & Geddes PA as joint counsel and Peter J. Solomon Co. as it financial adviser, according to separate Monday motions from the U.S. Bankruptcy Court for the District of Delaware.
The committee asked that the hiring of Susman and Ashby be made retroactive to April 11 and April 14, respectively, and that of Peter J. Solomon to April 15.
As counsel, both Susman and Ashby will assist the committee in its negotiations with creditors and Allied Nevada, examine the financial state of the company and any proposed plan or transaction and represent the committee in court as necessary, according to the motions.
Susman attorneys will be paid an hourly rate ranging from $325 to $2,000, and Ashby attorneys will be paid an hourly rate between $380 and $685.
In its role as financial adviser, Peter J. Solomon will review and analyze the business plan and overall performance of the debtors, evaluate the company’s assets and liabilities and advise the committee in its negotiations and evaluation of debt securities, according to a motion.
For its services, Peter J. Solomon will receive a monthly advisory fee set at a minimum of $125,000 for the first six months payable each month after the effective date of a plan. In addition, upon completion of a plan, the firm will receive a $2 million cash fee.
A hearing to consider the hirings is set for June 1.
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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