Doman has no binding refinancing offers yet, monitor says

By Jeff Pines

Washington, Jan. 20 - Doman Industries Ltd. has yet to receive any binding offerings for refinancing yet, said its monitor KPMG, Inc. in a filing with the Supreme Court of British Columbia.

The court had thought the company would have received binding proposals by Jan. 15, but that hasn't been the case.

Doman, a Duncan, B.C.-based forest products company, did get a non-binding offer, but the unsecured noteholder committee rejected the offer. The potential investor has proposed revising its offer, subject to getting more sensitive information from management.

Cerberus Capital Management continues to an express an interest but as of Jan. 19 it has not provided a binding offer either. The three remaining potential lenders have not told the company whether they will submit a binding offer.

In addition, the committee and the Tricap Restructuring Fund committee reached a "tentative agreement on the structure of an unsecured creditor compromise and refinancing the senior secured notes," according to the filing. Both are working on having a term sheet ready by Jan. 23, but KPMG doubts a plan will be ready by then.

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