Lumber Maker Northwest Hardwoods Wins Bankruptcy Plan Approval

Northwest Hardwoods Inc. won bankruptcy court approval of its plan to shed debt and hand ownership to lenders.

• U.S. Bankruptcy Judge Brendan Shannon in a hearing approved the plan, noting it had more creditor support than needed to meet the threshold for confirmation
• The hardwood lumber company’s plan calls for handing ownership to noteholders, which as of Nov. 23 included CVC Credit Partners, Glendon Capital Management and GSO Capital Partners, court papers show
  • Northwest Hardwoods has said in court documents the plan will strip its balance sheet of some $270m of debt
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