5th Circ. Revises Pacific Lumber Bankruptcy

Law360, New York (September 29, 2009, 6:40 PM EDT) -- Following an appeal by the Bank of New York and certain noteholders, the U.S. Court of Appeals for the Fifth Circuit on Tuesday partially reversed and remanded a bankruptcy judge's confirmation of Pacific Lumber Co.'s Chapter 11 reorganization.

In an appeal from the U.S. Bankruptcy Court for the Southern District of Texas, the Bank of New York and the noteholders argued against the legality of Pacific Lumber's Chapter 11 reorganization plan and sought about $740 million in principal and interest on debts owed by the redwood...
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