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Nov-20-2007 08:41TweetFollow @OregonNews
Pope & Talbot Announces Agreement to Sell Three Sawmills to InterforSalem-News.com
Agreement subject to approval by U.S. Bankruptcy Court and Canadian Court allows for competing bids to be considered before sale is finalized.
(PORTLAND, Ore.) - Pope & Talbot, Inc (Pink Sheets: PTBT) today announced that it has agreed sell three sawmills and related timber tenures to International Forest Products Limited (Interfor) for roughly $69 million plus the value of certain current assets and liabilities assumed.
The three mills, located in Castlegar, British Columbia, Grand Forks, British Columbia and Spearfish, South Dakota are producers of high-quality softwood lumber products.
The transaction is subject to approvals by the U.S. Bankruptcy Court and the Canadian Court and will be effected under procedures that provide for the possibility of competing bids.
Pope & Talbot is a pulp and wood products business. The Company is based in Portland, Oregon and trades on the Pink Sheets under the symbol PTBT. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the Company's products include the US, Europe, Canada, South America and the Pacific Rim. For more information, please check our website at www.poptal.com.
Caution Regarding Forward-Looking Statements
This press announcement and other Company communications may contain statements relating to future performance of the Company that are forward-looking statements. These statements relate to the Company's future plans, objectives, expectations and intentions and may be identified by words like "believe," "expect," "may," "will," "should," "seek," or "anticipate," and similar expressions.
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The Company cautions readers that any such forward-looking statements are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks including, but not limited to, risks associated with future financial results and liquidity including the Company's continued ability to finance its operations in the normal course, fluctuation of the borrowing base and other limitations that may affect the Company's ability to borrow under its revolving credit facilities or otherwise, the Company's relationship with and payment terms provided by its trade creditors, additional financing requirements, the results of renegotiating certain key commercial agreements, the effect of commodity and raw material prices, foreign currency fluctuations, the effect of U.S. housing market conditions and other uncertainties previously detailed in the Company's filings with the SEC.
Due to these uncertainties, there is an inherent risk that actual results will differ materially from any forward-looking statements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any forward-looking statements whether as a result of new information, future events or otherwise.
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