Louisiana Department of Revenue (LDR) filed with the U.S. Bankruptcy Court an objection to Stone Energy’s Second Amended Joint Prepackaged Plan of Reorganization.
The objection explains, “LDR object to the priority tax claim treatment at page 14-15 of the Plan because it fails to specify the frequency of payments which will be made once a priority tax claim becomes an Allowed Priority Tax Claim such that LDR can determine whether the frequency shall be in compliance with the requirement of regular installments under 11 U.S.C. §1129(a)(9)(C). Additionally, it does not specify that post-effective date interest shall be paid to the extent the claim is not paid on the Effective Date, and that such interest shall be paid in accordance with 11 U.S.C. §511.”
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