Pacific Lumber Seeks Approval Of Settlement

Law360, New York (May 6, 2008, 12:00 AM EDT) -- After months of “extraordinarily contentious proceedings,” Pacific Lumber Co. and its subsidiaries have asked the U.S. Bankruptcy Court for the Southern District of Texas to approve a global settlement in the timber company’s Chapter 11 case.

The group of companies, called the Palco debtors, sought approval Monday for the tentative settlement, which was reached May 1 following months of “exhaustive negotiations” and two weeks of confirmation hearings.

“The settlement agreement represents a comprehensive approach to the resolution of the issues that separated the parties and helps...
To view the full article, register now.