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

Law360, New York (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.