Bondholders Blast Pacific Lumber's Extension Bid

Law360 (May 15, 2007, 12:00 AM EDT) -- Joining a growing chorus of opponents, Pacific Lumber Co.’s bondholders have objected to the company’s request to retain exclusive control over its Chapter 11 case for another four months, arguing that the timber company still has no idea about what type of plan to propose.

On Wednesday, the bondholders’ representative, the Bank of New York, protested Pacific Lumber’s extension bid, asking for U.S. Bankruptcy Judge Richard Schmidt to approve a one-month increase at most.

“It is not sufficient evidence of ‘cause’ to support an extension of...
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