Business Services Industry
Aquila settles lawsuit over prepaid natural gas supply contracts.
Knight Ridder/Tribune Business News, July, 2004
By Steve Jordon, Omaha World-Herald, Neb. Knight Ridder/Tribune Business News
Jul. 20--Aquila Inc. said Monday it has settled a dispute with Chubb Group of Insurance Cos. and St. Paul Travelers over prepaid natural gas supply contracts.
The settlement will not affect delivery of gas to Nebraska communities, Aquila said, but will help the Kansas City, Mo.-based company's future financial stability.
Last month a federal judge in Kansas City prohibited Aquila from using money from the sale of a Canadian operation to reduce its debt, a ruling that put pressure on Aquila to settle the Chubb lawsuit.
The judge said the money should go toward settling issues stemming from prepaid natural gas contracts with American Public Energy...
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