Court: Pacific Lumber Can Use Cash Collateral

Law360, New York (February 20, 2007, 12:00 AM EST) -- The Texas bankruptcy court overseeing Pacific Lumber Co.’s Chapter 11 proceedings has given Pacific Lumber subsidiary Scotia Pacific Co. LLC permission to tap into its cash collateral to stay afloat.

U.S. Bankruptcy Judge Richard S. Schmidt signed off on an order authorizing Scotia Pacific, or Scopac, to use its cash collateral in order to “prevent immediate and irreparable harm to Scopac’s estate” and to facilitate Scopac’s reorganization.

Judge Schmidt’s order extends through March 9, 2007, and a final hearing on Scopac’s motion is slated for March...
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