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Mich. Pans Loehmann's Ch. 11 Plan Over Unpaid Taxes

Law360 (January 27, 2011, 9:04 PM EST) -- Michigan tax authorities objected Thursday to bankrupt discount retailer Loehmann's Holdings Inc.'s reorganization plan, saying that it shuts the state out of money it is owed.

The company's second amended Chapter 11 plan, filed in November, threatens to deny the state nearly $330,000 in unpaid taxes, the Michigan Department of Treasury claims in an objection filed in the U.S. Bankruptcy Court for the Southern District of New York.

Michigan also objects to a plan provision that would bar creditors from making certain claims against nondebtor companies....
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