Smurfit-Stone, Georgia-Pacific Resolve Property Spat

Law360, New York (September 14, 2009, 12:14 PM EDT) -- Smurfit-Stone Container Enterprises Inc. has reached an agreement with Georgia-Pacific Corrugated LLC and GNN Investor LLC to settle a contract dispute over $1 million the bankrupt paper products manufacturer is holding in escrow as part of a failed $15 million property deal.

Under the proposed settlement, Smurfit-Stone will hand over $700,000 from the escrow account to Georgia-Pacific, while keeping the remaining funds and accrued interest, according to a motion filed Friday in the U.S. Bankruptcy Court for the District of Delaware.

The agreement, which is still...
To view the full article, register now.