July 23, 2014
SAN FRANCISCO (AP) - A Texas judge is expected to approve a plan
by the founders of Gap Inc. to take over bankrupt Pacific Lumber Co., which owns more than 200,000 acres of forests along California's North Coast.
Environmental groups say Judge Richard Schmidt indicated Friday that he would approve a reorganization plan by Mendocino Redwood Co., which is owned by Gap founders Don and Doris Fisher.
The ruling is expected to be filed Friday afternoon in U.S. Bankruptcy Court in Corpus Cristi, Texas.
Mendocino Redwood Co. was one of several groups that had submitted plans to take over Pacific Lumber Co. after the timber firm filed for Chapter 11 bankruptcy protection in Texas in January 2007.
Humboldt County-based Pacific Lumber is currently owned by Houston financier Charles Hurwitz and his Maxxam Corp.
(Copyright 2008 by The Associated Press. All Rights Reserved.)