Spansion Plan Opposed Over $8M Unpaid County Taxes

Law360, New York (November 20, 2009, 1:22 PM EST) -- A Texas county has opposed Spansion Inc.’s Chapter 11 reorganization plan because it doesn’t prioritize the $8 million unpaid tax bill the bankrupt flash memory chip maker owes on its property in the state.

Attorneys for Travis County tax collector Nelda Wells Spears objected to the debtor’s Oct. 26 joint reorganization plan Thursday in the U.S. Bankruptcy Court for the District of Delaware, saying unpaid property taxes should take precedence over other claims according to Texas tax code.

Spears — who filed the objection on behalf...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.