Canadian court approves Pope & Talbot asset auction
Published November 23rd, 2007
A Canadian court approved a financing plan late Wednesday that will result in an auction for all of the assets of wood-products company Pope & Talbot Inc.
The Portland-based wood products company (Pink Sheets: PTBT) filed a Chapter 11-type bankruptcy in Canada in late October. On Monday it filed a Chapter 11 bankruptcy in Delaware.
The plan provides $89 million in operating cash so the company can continue to meet payroll and purchase supplies leading up to auctions for all of its assets, the Portland Business Journal reported.
The company must sell its assets by Feb. 15 in order to be in compliance with the loan, meaning the 158-year-old company will likely go out of existence in three months.
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