5th Circ. Denies Stay Of Pacific Lumber Ch. 11 Plan

Law360, New York (July 30, 2008, 12:00 AM EDT) -- Clearing the way for Pacific Lumber Co. to emerge from Chapter 11, a federal appeals court on Tuesday dashed a last-ditch bid by bondholders to put a freeze on the hard-fought reorganization plan proposed by two of the timber company's largest creditors.

The U.S. Court of Appeals for the Fifth Circuit on Tuesday denied an expedited motion by the Bank of New York, acting as indenture trustee for a group of disgruntled Pacific Lumber noteholders, to stay effective confirmation of the plan pending an appeal....
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