Pacific Lumber Gives In To Exclusivity Termination

Law360, New York (January 2, 2008, 12:00 AM EST) -- The debtors in Pacific Lumber Co.'s Chapter 11 case have accepted the end to their exclusivity period, ceding to certain creditors' requests to file alternative plans for reorganization.

The debtors filed a proposed order that would terminate their exclusivity with respect to three prominent creditors, including the official committee of unsecured creditors, on Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas.

If the order is signed by presiding judge Richard S. Schmidt, it would allow the official committee, indenture trustee the Bank...
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