Graceway's Ch. 11 Plan Gets Nod As Judge Quells IRS Worries

Law360, New York (April 20, 2012, 11:08 PM EDT) -- A Delaware bankruptcy judge on Friday confirmed Graceway Pharmaceuticals LLC’s Chapter 11 liquidation plan, with clarifications to allay concerns the Internal Revenue Service voiced earlier this month that the plan wouldn't preserve the federal government's setoff and recoupment rights.

U.S. Bankruptcy Judge Peter J. Walsh confirmed Graceway’s first amended liquidation plan, filed in February, saying that nothing in the plan would affect the government’s ability to assert its setoff and recoupment rights. And the IRS wouldn't have to seek the bankruptcy court’s approval before amending any...
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