Pope & Talbot DIP loan maturity extended to April 25

By Caroline Salls

Pittsburgh, April 8 - Pope & Talbot, Inc. and wholly owned Canadian subsidiary Pope & Talbot, Ltd. obtained an extension to April 25 of the final maturity date on their debtor-in-possession credit and security agreement, according to an 8-K filed with the Securities and Exchange Commission.

The DIP facility was previously scheduled to mature on April 4.

In addition, Pope & Talbot entered into a 13th and 14th waiver of DIP facility budget deviation defaults.

Under the 13th waiver, Pope & Talbot's DIP lenders agreed to waive any default resulting from budget deviations related to disbursements for lease payments, other expenditures and cash receipts, and, under the 14th waiver, Pope & Talbot's DIP lenders agreed to waive any default resulting from budget deviations related to lease payments, lumber duties, payroll, payroll taxes and benefits, other items and cash receipts.

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

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