Baldwin-United settled $457 million in IRS claims.

The settlement was conditionally approved by the Internal Revenue Service, the Justice Department and the congressional Joint Committee on Taxation but must be approved by the U.S. bankruptcy court. The claims for income taxes allegedly owed by Baldwin-United and its subsidiaries precede Baldwin’s reorganization under Chapter 11 of the U.S. Bankruptcy Code, and the settlement “eliminates one of the major obstacles” to reorganization, the company said.