Multiple parties – including Chubb Companies, Texas Ad Valorem Taxing Jurisdictions and the Internal Revenue Service (IRS) – filed with the U.S. Bankruptcy Court separate objections to Hancock Fabrics’ Second Amended Joint Chapter 11 Plan of Liquidation.
The IRS asserts, “IRS is a creditor and party in interest. IRS filed an amended proof of claim against Hancock Fabrics, in the amount of $2,206,609.79, which includes an unsecured priority claim of $1,947,900.68. IRS has also asserted an administrative expense claim against Hancock Fabrics, in the amount of $18,029.49. Article 2(A) of the Plan describes the IRS Administrative Claims and Priority Tax Claims as unimpaired. IRS claims are not only altered by the Plan; they are negatively affected by the Plan. IRS objects to the treatment of its Administrative Claims.”
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