Suntech America committee allowed to hire FTI as financial adviser

By Kali Hays

New York, March 17 – Suntech America, Inc.’s official committee of unsecured creditors received permission to hire FTI Consulting, Inc. as its financial adviser on Tuesday from the U.S. Bankruptcy Court for the District of Delaware.

The hiring is retroactive to Jan. 26.

As previously reported, FTI will assist the committee in its review of Suntech’s overall financial state, short-term liquidity and any intercompany assets, along with providing analysis of any sale process, company claims and any Chapter 11 plan.

FTI employees associated with the case will be paid an hourly wage ranging between $125 and $925, according to the motion.

The committee also received approval to hire Sheppard, Mullin, Richter & Hampton LLP and Pepper Hamilton LLP as joint counsel on March 16.

Suntech America is a San Francisco-based producer of solar panels that filed for bankruptcy on Jan. 12. The Chapter 11 case number is 15-10054.

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