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MATTER OF STERLING NAV. CO., LTD.

Bankruptcy No. 75 B 1955.

6 B.R. 616 (1980)

In the Matter of STERLING NAVIGATION CO., LTD., Bankrupt.

United States Bankruptcy Court, S.D. New York.

October 16, 1980.

Attorney(s) appearing for the Case

Zalkin, Rodin & Goodman, New York City, for trustee.

Lord, Day & Lord, New York City, for Newfoundland Export & Shipping Co., Ltd.

EDWARD J. RYAN, Bankruptcy Judge.

On March 13, 1972, Sterling Navigation Co., Ltd. ("Sterling") entered into a shipping contract with Newfoundland Export & Shipping Co., Ltd. ("Newfoundland") whereby the parties agreed that a minimum of 17,000 long tons ("L/T's") of newsprint would be shipped by Sterling for Newfoundland at a rate of $41.00 per L/T. Clause 13 of the contract set forth the shipping dates as well as the minimum quantity to be moved at each date...

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