BoNY Appeals Pacific Lumber Reorganization Plan

Law360, New York (July 10, 2008, 12:00 AM EDT) -- The Bank of New York, acting as trustee for a group of Pacific Lumber Co. noteholders, will appeal an order confirming the bankrupt company's reorganization plan on the ground that it is allegedly unfair to the noteholders.

On Tuesday, Judge Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas confirmed a modified version of the reorganization plan, proposed by creditors Mendocino Redwood Co. and Marathon Structured Finance Fund LLP, which increased the total compensation for the noteholders from $510 million to...
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