Multiple parties – including Westfield & Landlord Affiliates, the Army Air Force Exchange Service (AAFES) and the Internal Revenue Service (IRS) – filed with the U.S. Bankruptcy Court separate objections to Brookstone’s Revised First Modified Joint Chapter 11 Plan of Reorganization. The IRS explains, “IRS has asserted an unsecured priority, pre-petition claim against Brookstone Company Inc., in the amount of $28,465.10. Pursuant to 11 U.S.C. Section 503(b)(1)(D) and Delaware Local Rule 3002-1(a), IRS administrative expense claims described in 5039b)(1)(B) and (C) of the Bankruptcy Code are not subject to the administrative expense deadline requested by the debtors. However, IRS has filed a number of administrative expense claims against the debtors aggregating approximately $1,626,925. Many of the IRS administrative expense claims are estimated because the federal tax returns for the periods forming the basis of the post-petition claims have not yet been filed. IRS objects to the third party non-Debtor limitation of liability, exculpation, injunction and release provisions set forth in Article IX of the Plan….IRS objects to the Plan to the extent it fails to preserve the setoff and recoupment rights of the IRS.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector--with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.