Pacific Lumber Creditors Call For End Of Exclusivity

Law360, New York (December 19, 2007, 12:00 AM EST) -- In the wake of failed talks between Pacific Lumber Co. and its creditors, noteholders have asked the bankruptcy court overseeing the defunct lumber company's Chapter 11 case to terminate the debtors' exclusivity rights and to allow them to submit their own, alternative plan for reorganization.

In a motion filed Monday to the U.S. Bankruptcy Court for the Southern District of Texas, the indenture trustee for Pacific Lumber's noteholders said the parties wrapped up their mediation sessions on Dec. 12, unable to reach a consensus on the...
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