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

Law360, New York (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...
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