Pacific Lumber Judge Backs MRC/Marathon Plan

Law360 (June 6, 2008, 12:00 AM EDT) -- The federal judge presiding over Pacific Lumber Co.'s bankruptcy case has thrown his support behind the reorganization plan proposed by Marathon and Mendocino Redwood Co. for the beleaguered logging company, ruling that the other option is not “feasible.”

On Friday, U.S. Bankruptcy Judge Richard Schmidt endorsed the MRC/Marathon plan, which bested a recent proposal by Sierra Pacific Co. to scoop up the company's Scotia mill, its related co-generation plant and its related working capital for about $45 million.

“The court concludes that the MRC/Marathon Plan should...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.