Pope & Talbot gets court OK of pulp business sale to Pindo Deli

By Rebecca Melvin

New York, Feb. 12 - Pope & Talbot Inc. received court approval of the sale of substantially all assets of its pulp business to stalking horse bidder PT Pindo Deli Pulp & Paper Mills for $105.29 million in cash, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The purchase agreement also included about $15 million in liabilities.

Pope & Talbot's pulp business consists of three mills located in Oregon and British Columbia.

Pope & Talbot, a Portland, Ore.-based pulp and wood products company, filed for bankruptcy on Nov. 19. Its Chapter 11 case number is 07-11738.

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