Pacific Lumber's Exclusivity Rights Challenged

Law360, New York (September 10, 2007, 12:00 AM EDT) -- The judge overseeing the Pacific Lumber Co.'s bankruptcy case has granted a request by the Bank of New York Trust Co. NA for expedited consideration of its bid to file its own reorganization plan in the bankrupt timber outfit's Chapter 11 proceedings.

On Monday, U.S. Bankruptcy Judge Richard Schmidt signed off on an order setting a Friday hearing on the dispute, following a motion by the Bank of New York, the indenture trustee for more than $700 million in outstanding notes.

On Friday, the Bank of...
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