Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

International Shipholding Objections Filed

0
0

Multiple parties – including Westchester Fire Insurance Company, Patriot Shipping and the Internal Revenue Service – filed with the U.S. Bankruptcy Court separate objections to International Shipholding’s First Amended Joint Chapter 11 Plan of Reorganization.

The Internal Revenue Service asserts, “Section 2.1.2 of the Plan improperly requires the IRS to file requests for payment of administrative expenses as a condition for such administrative expenses to be paid.…The Plan, in Section 7.5, also improperly fails to provide for payment of postpetition interest on priority claims of the IRS under the government rate….The Plan also violates 11 U.S.C. section 1129(a)(9)(C) in that it does not provide any schedule for making installment payments. Section 1129(a)(9)(C) clearly indicates that debtors will make regular installment payments in cash on a fixed schedule.”

Read more energy bankruptcy news.

The post International Shipholding Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images