Business Services Industry
Aquila to pay $600 million in settlement.
Knight Ridder/Tribune Business News, July, 2004
By Steve Everly, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Jul. 20--Aquila Inc. late Monday announced an agreement that it hopes will remove a long shadow over the company's financial future. But it came at a stiff price.
The company said it would give more than $600 million to two insurers that had guaranteed the delivery of Aquila's prepaid gas contracts in 1999 and 2000 but later sought to shed the liability.
Under the settlement, Aquila will pay $485 million to Chubb Corp. and more than $115 million to St. Paul Travelers. Chubb already had obtained a court order that put $500 million in escrow to cover its liability. St. Paul, in a move not previously disclosed, was seeking collateral for the gas contracts it...
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