Pope & Talbot gets court approval for sale of wood products business

By Rebecca Melvin

New York, Jan. 7 - Pope & Talbot Inc. and its wholly owned Canadian subsidiary, Pope Ltd., received approval for the sale of its wood products business from the U.S. Bankruptcy Court for the District of Delaware, according to an attorney.

The attorney confirmed via e-mail that the sale to stalking horse bidder International Forest Products Ltd. was approved Monday.

Last month, Pope & Talbot asked the bankruptcy court to approve sale of the assets to Interfor, in the absence of any competing bids. Interfor had offered to pay $69 million plus the value of current assets and liabilities assumed.

The wood products assets are located in the company's mills in Castlegar, B.C., Grand Forks, B.C., and Spearfish, S.D.

Pope & Talbot, a Portland, Ore.-based pulp and wood products company, filed for bankruptcy protection on Nov. 19, citing persistent record-low demand for lumber, high priced pulp chips and sawdust, appreciation of the Canadian dollar, and the high cost of debt service.

Its Chapter 11 case number is 07-11738.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.