Pacific Lumber Parent Seeks $51M DIP Loan

Law360, New York (March 4, 2008, 12:00 AM EST) -- Bankrupt logging company Pacific Lumber Co.’s parent company has asked the bankruptcy court for approval of a $51 million debtor-in-possession loan, 14 months after the company entered Chapter 11.

In an emergency motion filed Monday in the U.S. Bankruptcy Court for the Southern District of Texas, debtor Scotia Pacific Co. LLC said that it needed a more stable source of income to survive the bankruptcy process.

“Since the commencement of its bankruptcy case, Scopac has endured contested hearings for the use of cash collateral every 13...
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