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California Lumber Company Files For Chapter 11

Law360 (January 19, 2007, 12:00 AM EST) -- California logger Pacific Lumber Co. and its subsidiaries filed a voluntary petition for Chapter 11 Thursday, citing regulatory limitations as the main cause of a recent liquidity problem.

PALCO, which is based in the company town of Scotia, Calif., owns and operates over 200,000 acres of forestry land in Humboldt County, Calif. through its subsidiaries. The land is comprised of mostly redwood and Douglas fir trees.

The company cuts down the trees and mills the lumber, which it sells for various construction uses. Its sales account...
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