Northwest Hardwoods Plans Speedy Trip Through Ch. 11

Law360 (November 24, 2020, 4:00 PM EST) -- Lumber producer Northwest Hardwoods Inc. told a Delaware judge Tuesday it plans a speedy trip through Chapter 11 and aims to emerge from bankruptcy early next year with roughly $270 million of its debt wiped out and most of its ownership stake handed over to lenders.

During a virtual hearing, U.S. Bankruptcy Judge Christopher S. Sontchi approved various "first day" motions, including ones that will enable Northwest Hardwoods to continue to pay its roughly 1,200 employees and use lender cash to fund operations as its Chapter 11 moves forward.

"This has been a fully consensual process," said Northwest Hardwoods attorney David...

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