IRS Seeks Interest On Overdue Smurfit Taxes

Law360, New York (January 14, 2010, 7:04 PM EST) -- While certain Smurfit-Stone Container Enterprises Inc. noteholders are drumming to convert the company's restructuring to a Chapter 7 liquidation, the Internal Revenue Service has lodged an objection to the bankrupt packaging maker’s sweeping reorganization plan.

On Wednesday the IRS urged Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware to hold off from confirming the debtor’s Chapter 11 plan until it grants the agency appropriate interest on the deferred payment of its tax claims.

“Fundamental time-value-of-money principles instruct that the U.S....
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