The Commonwealth of Pennsylvania, Department of Revenue filed with the U.S. Bankruptcy Court an objection to Gymboree’s First Amended Joint Plan of Reorganization.
The objection asserts, “While the Debtors’ Plan provides for payment of Allowed Priority Tax Claims in a manner consistent with section 1129(a)(9)(C) of the Bankruptcy Code, the Plan does not set forth the terms of the installment payments. It also fails to address interest on Priority Tax Claims, making the Plan in violation of section 511 of the Bankruptcy Code. It is finally unclear if the Plan intends to treat Priority Tax Claims similarly.”
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