Pope & Talbot early retirement plan terminated

By Caroline Salls

Pittsburgh, May 6 - Pope & Talbot, Inc. obtained court approval to terminate its early retirement plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, the plan currently provides retiree medical benefits to retired employees between the ages of 62 and 65.

However, given the impending liquidation of the company's operating assets and its limited access to cash and borrowing availability, Pope & Talbot said it will no longer be able to support the plan.

Pope & Talbot, a Portland, Ore.-based pulp and wood products company, filed for bankruptcy on Nov. 19, 2007 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 07-11738.

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