Griddy Energy’s Chapter 11 Filing

McDermott Will & Emery represented the Official Committee of Unsecured Creditors (the Committee) of Griddy Energy, LLC (Griddy) on the case.

Griddy Energy, LLC (Griddy) is a Texas-based retail energy provider whose business was devastated by the impacts of Winter Storm Uri.

The Public Utility Commission of Texas (PUCT) ordered electricity prices to be set to $9,000 per megawatt hour during the storm (87.5 hours), but Griddy was still earning its standard rate provided to customers at $9.99 per month. In addition, the Electric Reliability Council of Texas demanded Griddy meet collateral demands of over $25 million, thus resulting in the filing for chapter 11 relief.

Griddy’s chapter 11 plan received overwhelming support and, on July 7, 2021, the Bankruptcy Court confirmed the plan.

A Plan Administrator has been appointed to investigate and pursue certain causes of action and wind up Griddy’s affairs. McDermott has been selected as lead counsel to the Plan Administrator.

The McDermott team was led by Chuck Gibbs (Picture) and Darren Azman, and included Robert Lamkin, Monica Asher, Mark Mihanovic, Evan Belosa, Sarah Bro, Jane Byrne, Blaine Adams, Natalie Rowles, Darren Yang, and Cathy Greer.

Involved fees earner: Blaine Adams – McDermott Will & Emery; Monica Asher – McDermott Will & Emery; Darren Azman – McDermott Will & Emery; Evan Belosa – McDermott Will & Emery; Sarah Bro – McDermott Will & Emery; Jane Byrne – McDermott Will & Emery; Charles Gibbs – McDermott Will & Emery; Robert Lamkin – McDermott Will & Emery; Mark Mihanovic – McDermott Will & Emery; Natalie Rowles – McDermott Will & Emery; Darren Yang – McDermott Will & Emery;

Law Firms: McDermott Will & Emery;

Clients: Griddy Energy – Official Committee of Unsecured Creditors;

Author: Martina Bellini