Tembec cashes in on softwood agreement
October 31, 2006 By Pulp & Paper Canada
A total of U.S. $242 million has poured into Tembec’s coffers from softwood lumber duty deposits. Export Developmen…
A total of U.S. $242 million has poured into Tembec’s coffers from softwood lumber duty deposits. Export Development Corporation, as part of a financing transaction through the softwood lumber agreement, advanced the money to Tembec.
“We are pleased to have received these monies in a timely manner,” said Tembec president and CEO James Lopez. “These funds will serve to reduce our debt and increase liquidity. They will also allow us to put even greater focus on the key operational and financial issues that will continue to drive the company’s recovery plan.”
The sum represents the total amount Tembec is expected to receive from the agreement.
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