Tree-Hugging Creditors To Bid For Lumber Co.'s Land

Law360, New York (January 17, 2008, 12:00 AM EST) -- A coalition made up of both environmentalist groups and more traditional investors, including Bank of America NA, announced its intention to file a reorganization plan in Pacific Lumber Co.'s Chapter 11 case that would place 209,000 acres of forest in Humboldt County, Calif., under an “environmentally sustainable” logging regime.

The move comes after the court terminated the debtors' exclusivity period and allowed three creditors to file alternative plans for reorganization in the U.S. Bankruptcy Court for the Southern District of Texas by Jan. 30.

Under that order, though,...
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