We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Utilities Doubt Crucible's Ability to Pay

Law360 (May 21, 2009, 12:00 AM EDT) -- Crucible Materials Corp.'s Chapter 11 proceeding is off to a rocky start as a group of utilities doubt the specialty metals supplier's ability to pay its monthly utility costs, which exceed $1.6 million.

On Thursday, three power companies lodged an objection in the U.S. Bankruptcy Court for the District of Delaware, protesting Crucible’s claim that it has provided adequate assurance that it will be able to pay its utility bills as it undergoes reorganization.

Crucible has proposed creating an escrow account that holds roughly $838,000, or...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.