BoNY Opposes Budget In Pacific Lumber Case

Law360, New York (November 19, 2007, 12:00 AM EST) -- Bank of New York Trust Co. NA, the indenture trustee in Pacific Lumber Co.’s Chapter 11 case, has taken issue with a proposed budget for the lumber company’s unit to keep dipping into a cash collateral account.

Bank of New York filed its objections with the U.S. Bankruptcy Court for the Southern District of Texas on Friday to Scotia Pacific Co. LLC’s bid for approval of the budget to use cash collateral for 13 more weeks through February 2008. The unit has used cash collateral since...
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