Utilities Doubt Crucible's Ability to Pay

Law360, New York (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...
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