Texas judge rules in favor of Mendocino Redwoods Co.
June 6, 2008
The federal judge overseeing the Pacific Lumber Co.’s more than year-long bankruptcy proceeding has approved the reorganization plan offered to the court by the Mendocino Redwood Co. and Marathon Structured Finance Fund.
Judge Richard Schmidt indicated in a court hearing Friday that the plan to auction off the company’s 210,000 acres of timber lands offered by the Scotia Pacific’s largest creditor — the Timber Noteholders — was not confirmable.
The MRC/Marathon plan aims to take possession of the timberlands and Scotia’s mill to keep the commercial timber and milling operations in production.Posted in PALCO | Tagged HRC, MRC |