When Sullivan & Cromwell took on a rare debtor’s counsel role earlier this year for Arctic tanker company Primorsk International Shipping Ltd., the white-shoe law firm adjusted its normal billing structure to charge hourly rates during the Manhattan bankruptcy case.
Now the firm is facing scrutiny over roughly $2 million that it’s requested in fees, as Primorsk’s senior lenders have questioned whether the price tag lines up with the firm’s work over the first few months of the case. The dustup over the legal fees came to light in a pair of filings this week in Manhattan federal bankruptcy court.
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