Logging Co. Files For Ch. 11 With $264M In Liabilities

Law360 (August 21, 2006, 12:00 AM EDT) -- Inland Fiber Group LLC filed for Chapter 11 protection Friday, though it also submitted a prenegotiated reorganization plan that it hopes will be approved by the end of the year.

Under the terms of the reorganization plan, the logging company’s bondholders will receive 68.57%, or $158.3 million, of the principal amount of their notes. Inland Fiber will pay for this by selling some of its assets, including its seed orchard, for $83 million to Richard Wendt. The company’s insurance carriers will contribute an additional $8.3 million...
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.