Pope & Talbot to repay bank debt using potential funds from settlement of lumber dispute

By Sara Rosenberg

New York, Aug. 3 - Pope & Talbot Inc. is required to pay down some of its bank debt using 75% of funds received from the potential settlement of the softwood lumber dispute that has been ongoing since May 2002, according to a company news release.

If the currently contemplated agreement becomes effective, the company estimates it will be entitled to a pre-tax refund of about $121 million based on duties incurred through June 30.

The agreement is subject to final execution by the U.S. and Canadian governments and the satisfaction of a number of conditions, including termination of pending litigation and approvals of certain percentages of Canadian and U.S. softwood lumber producers.

Pope & Talbot is a Portland, Ore.-based forest products company.

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