The Year of Bankruptcies?

2007

US National debt TBD.
Interest on debt TBD.

USA

Pacific Lumber Co. files for bankruptcy protection, stating that it cannot harvest enough timber to pay its debt service obligations. The Scotia company, which began logging operations in 1882, and five subsidiaries sought protection from creditors in U.S. Bankruptcy Court. The company will attempt to reorganize its finances under Chapter 11 of the bankruptcy code.

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