Iowa Revenue Dept., US Trustee Slam Nortel's Ch. 11 Plan

Law360, New York (January 9, 2017, 8:03 PM EST) -- The Iowa Department of Revenue and a trustee overseeing Nortel’s bankruptcy proceedings have filed separate objections to the defunct telecommunications company’s Chapter 11 plan, saying the plan does not provide for the full payment of tax liabilities and that it improperly includes nondebtor third parties.

The Iowa Department of Revenue filed its objections in a Delaware court on Friday saying that Nortel Networks Inc. has not filed any tax returns in the state for 2013, 2014 or 2015, and that it is unknown if the company...
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