By PRESS DEMOCRAT STAFF<\/div>
Pacific Lumber Co. has filed for bankruptcy protection, the company announced Friday, stating that it cannot harvest enough timber to pay its debt service obligations.
The Scotia company, which began logging operations in Humboldt County in 1882, and five subsidiaries sought protection from creditors Thursday in U.S. Bankruptcy Court in Corpus Christi, Texas. The company will attempt to reorganize its finances under Chapter 11 of the bankruptcy code.
Pacific Lumber, which had threatened bankruptcy for more than a year, said it is facing “a liquidity crisis arising from regulatory limitations on timber harvest.” The restrictions have “significantly reduced revenues while also increasing timber harvesting costs,” it said.
“As a result ... annual timber harvest volumes and cash flows from operations will be substantially below the levels necessary to meet the companies’ debt service obligations,” the company said in a statement.
The bankruptcy filing covers Pacific Lumber Co. and five subsidiaries: Scotia Pacific Co., Britt Lumber Co., Scotia Development LLC, Salmon Creek LLC and Scotia Inn Inc.
Pacific Lumber and Scotia Pacific filed a lawsuit in December against the state, alleging it had restricted Scotia Pacific’s ability to harvest timber in violation of the landmark Headwaters Agreement.
Under the 1996 agreement, Pacific Lumber agreed to sell 10,000 acres of old growth redwood forests to the federal and state government. The deal included a habitat conservation plan that set standards for how the company would log its remaining 220,000 acres.
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Maybe they spent too much trying to buy their local
District Attorney Office with a recall campaign, as docimented at
No More Red Collar Crime<\/span>
Criminal Charges Against Corporations<\/span><\/div> www.angelfire.com\/nm\/redcollarcrime <\/div> Please forward and post<\/div> Blessings,<\/div> The Toxic Reverend<\/div> FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the U.S. Copyright Law. In accordance with Title 17 U.S. C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.<\/td><\/tr> <\/table> <\/div> Please forward and post<\/div> Blessings,<\/div> The Toxic Reverend<\/div> <\/div> No More Red Collar Crime<\/div> Criminal Charges Against Corporations<\/div> www.angelfire.com\/nm\/redcollarcrime <\/div> <\/div> Who are the criminals ?<\/div> http:\/\/people.tribe.net\/toxicreverend<\/div><\/div><\/td><\/tr> <\/table>
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Best regards,
Tom Krohmer
Environmental Technologist
aka
The Toxic Reverend
Homicide Charges For Corporations
http:\/\/www.angelfire.com\/nm\/redcollarcrime
The Gospel of Toxic Revelations
^(Ruff Draft of \"abstract\" is posted)^
Biological \/ Chemical Weapon Information, History & Treatments.
Verifiable sources and peer reviewed medical journals.
http:\/\/www.angelfire.com\/in\/sickbuildingsyndrome\/tr.html
The Vets call for \"Treason\"
http:\/\/www.gulfwarvets.com
Blessings,
The Toxic Reverend
Who are the criminals ?
http:\/\/people.tribe.net\/toxicreverend
\n","contact":"melessjustice@yahoo.com","link":"http:\/\/www.angelfire.com\/nm\/redcollarcrime","address":"PO Box 391 Guerneville California 95446","phone":"","parent_id":0,"mime_type":"image\/jpeg","summary":"Posting of a news story from the Santa Rosa California Press Democrat: about \r\nPacific Lumber Co. filing bankruptcy. That is the lumber company that\r\nJuli Butterfly Hill was tree sitting about as an Earth First advocate. The question of Pacific Lumber spending too much money when they funded a recall campaign against the Humboldt County District Attorney that had charged them with fraud, is also posed. With a link to "Red Collar Crime" that is documenting the "political fallout" when criminal charges are filed against a corporation. at www.angelfire.com\/nm\/redcollarcrime","numcomment":0,"fileurl":"\/uploads\/2007\/01\/criminal.jpg","filesize":"7.7 kibibytes","article_url":"\/news\/2007\/01\/191837.php","image":{"original":"\/uploads\/2007\/01\/criminal.jpg","small":"\/uploads\/2007\/01\/criminal.jpgthumb.jpg"}},"attachments":[],"comments":[]} | |