By Linda Sandler and Tiffany Kary
June 25 (Bloomberg) -- Chrysler LLC’s law firm Jones Day said it incurred fees and expenses of $12.7 million in May in its work for the bankrupt automaker, while other lawyers and advisers seek $8.5 million more, according to court filings.
Chrysler paid Washington-based Jones Day retainer fees of $18.9 million from November to May, partly to try to keep itself out of bankruptcy. The law firm asked a judge last month to make sure Jones Day and a few other professionals were given “superpriority status” so they could be paid ahead of the automaker’s other financial advisers.
The request for the May fees must be approved by U.S. Bankruptcy Judge Arthur Gonzalez. Meanwhile, Jones Day said it would seek payment of $10.2 million, or 80 percent of its total bill, which included $12.4 million for fees and $256,472 in expenses. The law firm said its so-called blended hourly rate was $476.96.
Objections to the requested fees are due by July 10.
Other advisers seeking approval of their bills include Capstone Advisory Group, a financial adviser that seeks $1.9 million in fees and expenses. Capstone said it had a blended hourly rate of $470.24.
Kramer Levin seeks $2 million, or 80 percent of its $2.5 million in fees and $30,659 in expenses, for advising the creditors committee.
Creditors’ Adviser
Mesirow Financial Consulting, another adviser to the creditors’ committee, asked for $309,690 for May 8 to May 31. The official committee of unsecured creditors seeks $13,636 for work done by its members from May 5 to May 31.
Schulte Roth & Zabel LLP, special counsel to Chrysler and its bankruptcy lender, the U.S. Treasury, seeks $3.4 million in fees and $53,251 for expenses for April 30 to May 31.
The entity being billed according to the Jones Day filing is Old Carco LLC, which is what remains of Chrysler after it sold its most valuable assets to a group led by Fiat SpA.
Chrysler listed assets of $39.3 billion and debt of $55.2 billion when it filed for bankruptcy protection on April 30 in New York. The company received $10.5 billion in U.S. and Canadian government financing to help it reorganize.
The case is In re Chrysler LLC, 09-50002, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporters on this story: Linda Sandler in New York at lsandler@bloomberg.net; Tiffany Kary in New York at tkary@bloomberg.net.
Last Updated: June 25, 2009 00:01 EDT
HOME
