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Halcon Resources Objections Filed

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Multiple parties – including the IRS/USAO; Morascyzk & Polochak and Co-Exprise; the SEC; Cypress Fairbanks ISD, Harris County, Jasper County, Montgomery County, Pecos County, Washington Co FM; Seismic Exchange; Geophysical Pursuit and Helmerich & Payne Drilling – filed with the U.S. Bankruptcy Court separate objections to Halcon Resources’ Prepackaged Chapter 11 Plan and related Disclosure Statement.

The IRS/USAO, “The IRS objects to the Plan unless and until all outstanding federal tax returns have been filed. The United States objects to, and hereby opts out of, the third party non-debtor limitation of liability, injunction and release provisions set forth in Section 10 of the Plan. The injunction provisions violate the Anti-Injunction Act, I.R.C. Section 7421(a)….IRS objects to the Plan to the extent it fails to preserve the setoff and recoupment rights of the United States….IRS objects to Section 2 of the Plan to the extent the Plan fails to provide for the payment of interest on IRS administrative expense claims….Moreover, the IRS objects to the Plan to the extent that the debtors elect to pay the IRS over five years from the date of assessment of Allowed Priority Tax Claims instead of from the Petition Date as required by 11 U.S.C. section 1129(a)(9)(C).”

The objection continues, “IRS objects to the treatment of its claims in Section 5 as a Bankruptcy Rule 9019 settlement. The IRS is unable to determine the amount of its claims in this case as the result of the debtors’ failure to file a federal corporate income tax return. The IRS is not consenting to the compromise or settlement of its claims and this provision is unfairly prejudicial to the rights of the IRS.”

Read more Halcon bankruptcy news.

The post Halcon Resources Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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