Pacific Lumber files blanket disclosure statement to cover details of five reorganization plans

By Caroline Salls

Pittsburgh, Feb. 26 - Pacific Lumber Co. filed a joint disclosure statement Monday with the U.S. Bankruptcy Court for the Southern District of Texas to outline the terms of the five separate plans of reorganization filed for the company's bankruptcy case.

As previously reported, on Jan. 30 Pacific Lumber filed a joint plan of reorganization with parent Maxxam Inc. that covers Pacific Lumber and its Scotia Pacific debtor. Pacific Lumber also filed an alternative plan for the Pacific Lumber debtors and an alternative plan for the Scotia Pacific debtors that could be used if the joint plan does not receive enough creditor votes.

In addition, timber notes indenture trustee Bank of New York Trust Co., NA filed a plan solely for Scotia Pacific, and Mendocino Redwood Co. LLC and Marathon Structured Finance Fund LP filed a plan that covers both the Pacific Lumber and Scotia Pacific debtors.

A hearing on approval of the disclosure statement is scheduled for Thursday.

Pacific Lumber is a Scotia, Calif.-based producer of redwood lumber and an indirect wholly owned subsidiary of Maxxam. It filed for bankruptcy on Jan. 18, 2007, and its Chapter 11 case number is 07-20027.

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