IRS Asks Court To Reject Edison Mission's Ch. 11 Plan

By Jamie Santo (January 30, 2014, 8:56 PM EST) -- The Internal Revenue Service urged an Illinois bankruptcy judge Wednesday to deny Edison Mission Energy's Chapter 11 plan, saying it contained numerous provisions that infringed on the agency's $1.3 billion tax claim against the estate.

Edison Mission's plan, which covers EME and approximately 20 related entities, is defective and cannot be confirmed because it violates the U.S. Bankruptcy Code and other statutes, the IRS said in an objection filed on its behalf by the U.S. Department of Justice.

The plan's alleged defects include its improper grant of releases to one or more debtors, its failure to obligate debtors to pay interest...

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