Clean Burn Plan OK Despite NC Tax Concerns, Trustee Says

Law360, New York (June 4, 2012, 7:23 PM EDT) -- The U.S. trustee for bankrupt ethanol maker Clean Burn Fuels LLC on Monday urged a judge to disregard the North Carolina Department of Revenue’s objection to a proposed reorganization plan, saying the department’s tax claims concerns are unfounded.

The department objects to an April 10 order approving Clean Burn Fuel’s disclosure statement, paving the way for a reorganization plan, saying the plan doesn’t do enough to protect the state’s claim on taxes and penalties it may be owed.

But U.S. Trustee Sara A. Conti said most...
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