Global lumber supplier Northwest Hardwoods secured a Delaware bankruptcy judge's approval last Wednesday to immediately put its Chapter 11 reorganization into effect, after a more than six-week sprint through the nearly $450 million debt restructuring. The company entered Chapter 11 with what Judge Shannon said was effectively a prepackaged bankruptcy. Debtors had already lined up a restructuring that would shed about $270 million of the company's debt, largely through a debt-for-equity swap with noteholders. In a declaration filed in advance of the hearing, Northwest president and chairman ...
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