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Penn Virginia Objection Filed

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The Internal Revenue Service (IRS) filed with the U.S. Bankruptcy Court an objection to Penn Virginia’ First Amended Joint Chapter 11 Plan.

The IRS asserts, “In the main, the First Amended Joint Chapter 11 Plan of Reorganization of Penn Virginia Corporation and its Debtor Affiliates appear to adequately provide for the IRS’s priority claim….The terms the IRS request for priority claims by installment is: (a) monthly, with (b) interest at the rate of 4% per annum, compounded daily, and (c) not to exceed the period of five years after the date of the order for relief. To comply with Section 1129(a)(9)(C), and Section 511 of the Bankruptcy Code (11 U.S.C.), the Amended Plan should provide for 4% interest annually, compounded daily.”

The objection continues, “Additionally, the Amended Plan cannot be confirmed because of the Debtor’s failure to file tax returns, as listed on Proof of Claim Nos. 16 (WH FED INC 2013, 2014, 2015, and 2016). By failing to file the required returns, the Debtor has made it not possible to determine the priority claims with precision….The Internal Revenue Service objects to the Amended Plan to the extent that it does not provide for standard provisions governing the event of default….The Internal Revenue Service objects to the Amended Plan to the extent that may attempt to improperly exculpate individuals….The Amended Plan should provide that ‘Nothing in this Plan shall enjoin the Internal Revenue Service from assessing a liability against a responsible person under I.R.C. section 6672.'”

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