4th Circ. Reverses Rulings On National Gas Contracts

Law360, New York (February 12, 2009, 12:00 AM EST) -- An appeals court has rejected a bankruptcy court's conclusion that natural gas supply contracts between National Gas Distributors LLC and parties including Smithfield Packing Co. Inc. were not swap agreements, reversing a finding that BP Energy Co. called a threat to the integrity of the natural gas market.

The U.S. Court of Appeals for the Fourth Circuit handed down an opinion on Wednesday reversing the bankruptcy court's finding that the contracts at issue were not swap agreements, remanding the disputes for further proceedings to give E.I....
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