Shuttered saw mill Klausner Lumber One LLC came back from the brink of collapse to win court approval of its bankruptcy plan that will make substantial distributions to its creditors.
The Live Oak, Fla.-based company’s plan, approved Thursday by Judge Karen B. Owens, incorporates settlements that set out how creditors will split the proceeds from a $61 million asset sale to Binder Beteiligungs AG affiliate Timber One Acquisition Holdings LLC in August 2020. The company also resolved an IRS objection over its alleged failure to pay taxes and file all its returns.
General unsecured creditors should recover between 58% ...
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