Smurfit Judge Orders Hearing On $4.3M Bond Payment

Law360, New York (March 9, 2010, 5:15 PM EST) -- A bankruptcy judge has expressed dissatisfaction with the evidence presented in a dispute between bankrupt Smurfit-Stone Container Corp. and U.S. Bank NA over $4.3 million in utility contract payments, denying the parties' cross-motions for summary judgment and ordering an evidentiary hearing.

Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware held on Monday that U.S. Bank's claims under the contract qualify as administrative expense priorities, but only if the contract rate is reasonable — a conclusion that can't be reached from...
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