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Gulfmark Bankruptcy Objection Filed

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The Texas Comptroller of Public Accounts filed with the U.S. Bankruptcy Court an objection to Gulfmark Offshore’s Amended Chapter 11 Plan of Reorganization. The objection asserts, “The Texas Comptroller objects to confirmation of the Plan to the extent it attempts to limit the Texas Comptroller’s setoff rights that are preserved under 11 U.S.C. section 553. Section 553 does not create setoff rights in favor of a creditor but it does preserve those setoff rights that otherwise exist under applicable non-bankruptcy law.”

In addition, “The Texas Comptroller reserves its rights to assert additional setoff rights in the event any are discovered in the future. The Debtor has included broad language throughout the Plan which allows them to retain their pre-bankruptcy rights and causes of action. This reservation of rights could arguably extend to additional tax refund claims or other claims against the State of Texas that have not yet been asserted. If the Debtors assert such claims post-confirmation, the State of Texas is entitled to retain its statutory and common law setoff rights against such claims.”

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