Pulp and Paper Canada

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WFP gets softwood refund


November 28, 2006
By Pulp & Paper Canada

Western Forest Products is the most recent company to receive a refund from the softwood lumber settlement.

Western Forest Products is the most recent company to receive a refund from the softwood lumber settlement.

The company was paid a total of U.S.$109.6 million, representing the bulk of capital the company expects to receive from the agreement.

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Following suit of some of the other companies that were refunded in the past several weeks, WFP intends to use the money to pay down its debt.

“The receipt of these funds permits us to strengthen our balance sheet and reduce our debt service cost by paying down U.S.$88.0 million of our long-term debt,” said president and CEO Reynold Hert.

“We will retain the balance of U.S.$21.6 million for working capital purposes as permitted under our debt agreement while we review options that may enable us to pay down further debt while maintaining liquidity.”


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