Circuit City Agrees To Reduce HP Claims To $70.5M

Law360, New York (November 12, 2009, 7:02 PM EST) -- Bankrupt Circuit City Stores Inc. and Hewlett-Packard Co. have resolved millions of dollars in secured and unsecured claims related to the consumer electronics retailer's sale of HP products, with both parties agreeing to reduce HP's claims to $70.5 million.

In the U.S. Bankruptcy Court for the Eastern District of Virginia on Thursday, Circuit City and HP filed a notice of a proposed settlement agreement resolving the claims dispute.

Under the deal, HP's 503(b)(9) claim for goods delivered within 20 days of the bankruptcy filing was reduced...
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