Pacific Lumber Wins 4-Month Plan Extension

Law360, New York (May 17, 2007, 12:00 AM EDT) -- Triumphing over a ground swell of opposition, Pacific Lumber Co. has won the right to retain exclusive control over its Chapter 11 case for another four months.

Despite the dissent of the bankrupt timber company’s bondholders and a group of California state agencies, U.S. Bankruptcy Judge Richard Schmidt extended Pacific Lumber’s exclusivity period until Sept. 18, according to transcripts of a hearing held Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas.

Pacific Lumber will now have until Nov. 19 to solicit creditor...
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