Gas company: Sager
must pay claim now
Oil and natural gas company Southwestern Energy wants a judge to compel Sager Creek Vegetable Co., the buyer of defunct vegetable company Allens Inc., to pay a nearly $70,000 claim immediately.
In October, Bankruptcy Judge Ben Barry overruled objections by both Sager Creek and Veg Liquidation, the former owner of Siloam Springs-based Allens, to the bill's status as a 503(b)(9) claim, which have priority in bankruptcy cases.
Veg Liquidation and Sager Creek Vegetable argued the gas was not a "good" and was not valid claim.
In a filing, Texas-based Southwestern Energy said payment on its claim for $68,499 has not been made despite assurances the check would be processed. The company argued the Allens sale order dictates payments should be made quickly after they become allowed claims.
Allens Inc. filed for Chapter 11 bankruptcy protection in October 2013. The case has since been shifted to Chapter 7. In February, the company was bought at auction. It was renamed Sager Creek Vegetable Co. in July.
-- John Magsam
Telecom names CFO,
3 other executives
Bob Gunderman has been named Windstream Holdings Inc.'s new chief financial officer, the Little Rock telecommunications company announced Friday.
Gunderman has been serving as interim chief financial officer since Oct.1, according to a news release.
The announcement came a day after Windstream announced Jeff Gardner was leaving as chief executive officer. He was replaced by Tony Thomas, president of the company's real estate investment trust.
Three other executive appointments were also announced.
David Works, executive vice president and chief human resources officer, has been named president of enterprise; David Redmond, president of consumer, will become president of consumer and small and medium business; and Mike Shippey, senior vice president of carrier solutions, has been named president of carrier. Works, Redmond and Shippey will each be responsible for sales, marketing, service delivery and customer care within their respective divisions.
-- Jessica Seaman
Index falls 1.79 after
Windstream shakeup
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 1.79 to 374.07 Friday.
Twelve index stocks declined, four advanced and one was unchanged.
Windstream took the biggest hit of the day, falling 9.7 percent after announcing that its chief executive officer had resigned. Almost 22 million shares were traded, more than three times Windstream's average volume.
For the week, 13 stocks were down and four gained ground. Windstream lost 12.6 percent for the week.
Total volume of the index was 40.6 million shares. The average daily volume for the week was 24 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 12/13/2014