IRS objects to Holley Performance's plan of reorganization

By Jennifer Lanning Drey

Portland, Ore., March 10 - The Internal Revenue Service objected to Holley Performance Products, Inc.'s pre-packaged plan of reorganization on the grounds that the agency has not had time to fully consider whether its claims are being fairly treated, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The IRS also argued that it has not had time to determine whether there will be any future examinations of the company's tax returns that could result in additional pre-bankruptcy liabilities.

The agency said it would be willing to waive the objection if specific language is added to the plan, including a statement that the United States' rights to payment of claims is to be determined and resolved as if the company had not filed Chapter 11 bankruptcy.

Holley is a Bowling Green, Ky.-based maker of high-performance carburetors and other automotive engine equipment. Its Chapter 11 case number is 08-10256.

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