Humboldt Redwood Co (HRC) has launched in California as the new home for the formally bankrupt Pacific Lumber Co.
New owner Mendocino Redwood, which bought Pacific after a judge granted a takeover plan, finalised the purchase at the end of July and says it has completed 95% of the staff re-hiring at Pacific’s operaitons.
It takes possession of about 200,000 acres of prized California redwoods, but HRC emphasises that it will have an old-growth policy to protect specified trees.
HRC, which has launched a website at www.hrcllc.com, has also completed a log and lumber inventory and has now restarted the sawmill.
Mendocino, owned by the founders of cothing firm Gap Inc, has paid about US$530m to Pacific creditors as part of the purchase and plans to pump US$7.5m in to the mills.
