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Judge Criticizes Pacific Lumber Plan

Law360 (October 23, 2007, 12:00 AM EDT) -- A speedy exit from Chapter 11 bankruptcy protection is looking less and less likely for bankrupt logging company Pacific Lumber Co., after a judge assailed the company's reorganization plan for inciting opposition from creditors.

Judge Richard Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas criticized the plan at a hearing on Tuesday, telling Pacific Lumber that he would be more likely to sign off on the proposal if the company “had someone on [its]side,” according to Dow Jones.

Schmidt said that although...
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