From Foliomag.com: “The objection said Source’s reorganization plan cannot be confirmed because it does not ensure adequate payment of the IRS’ tax claims. The IRS said Source and its affiliates have not filed a “staggering” number of federal tax returns.”
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Source Interlink—the parent company of Surfer, Surfing, Snowboarder, Bike, Powder, and several other properties under the Action Sports Group umbrella—has filed for a pre-packaged, lender-approved Chapter 11 bankruptcy.
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