Pacific Lumber Files Plan, Slams Liquidation Idea

Law360, New York (October 1, 2007, 12:00 AM EDT) -- With the disclosure statement and reorganization plan it filed Friday, Pacific Lumber Co. made concessions to environmental regulators by proposing to shed its ancient redwood forests, just as it tried to resuscitate its hamstrung logging business and panned the notion of liquidation as impractical.

The California-based logging giant rushed to file its plan before indenture trustee Bank of New York Trust Co. NA could launch a competing one, since earlier this month Bankruptcy Judge Richard Schmidt had agreed to expedite his consideration of the bank's bid...
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