Pope & Talbot receives 15th DIP facility budget deviation default waiver

By Caroline Salls

Pittsburgh, April 15 - Pope & Talbot Inc. and wholly owned Canadian subsidiary Pope & Talbot, Ltd. entered into a 15th waiver of budget deviation defaults on their debtor-in-possession credit agreement, according to an 8-K filed with the Securities and Exchange Commission.

Under the waiver, Pope & Talbot's DIP lenders agreed to waive any default resulting from budget deviations related to disbursements for lease payments and other items.

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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