Reports in the international media have suggested that legal fees from the ongoing Global Crossing bankruptcy case could amount to around $163 million, or more if the case continues past summer.
The Deal news service reported on Monday that according to a committee established to evaluate the requests for payment from various advisers working on the case, the company's bankruptcy proceedings have been 'properly and well administered'. However, it recommended that 20% of the fees owed to various legal firms for the second billing period be held back until the end of June to protect Bermuda-based Global Crossings' dwindling cash pile.
The committee revealed that the collapsed telecom company's counsel at Weil, Gotshal & Manges is owed the most - over $7.3 million in compensation and expenses for the second interim period of the trial. Special counsel to Global Crossing, Debevoise & Plimpton is next on the list with $6.6 million owed to it, while legal representatives for the unsecured creditors' committee, Brown Rudnick Berlack Israels are reported to be seeking some $4.2 million.
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