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Modular Space Holdings Objections Filed

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Multiple parties – including Texas Comptroller of Public Accounts, Louisiana Department of Revenue, Broadmont Associates, Bexar County, Cypress Fairbanks Independent School District (ISD), Dallas County, Fort Bend County, Harris County, Irving ISD, Nueces County and Victoria County – filed with the U.S. Bankruptcy Court separate objections to Modular Space Holdings’ Joint Prepackaged Plan of Reorganization.

Texas Comptroller of Public Accounts asserts, “The Texas Comptroller objects that the plan improperly impairs its setoff rights. Specifically, Article VI. enjoins creditors from commencing or continuing any action on account of, among other things, causes of action. The Plan further defines ’causes of action’ as including setoff rights in Article I, section A, paragraph 20. Section 553 preserves those setoff rights that otherwise exist under applicable non-bankruptcy law. Confirmation of a plan does not extinguish setoff rights when they are timely asserted.”

Read more ModSpace bankruptcy news.

The post Modular Space Holdings Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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