Pope & Talbot Files Bankruptcy Case Three Weeks After Commencing Canadian Insolvency Proceedings
On November 19, 2007, Pope & Talbot, Inc., a Portland, Oregon-based concern, along with certain affiliates, filed cases under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Judge Christopher S. Sontchi has been assigned to the cases.
Pope & Talbot operates pulp and wood products businesses in mills located in Oregon, South Dakota and British Columbia. On October 29, 2007, certain of the debtors in these cases filed for protection from their creditors under Canada's Companies' Creditors Arrangement Act. Under the CCCA, protections similar to those provided by the Bankruptcy Code's automatic stay were imposed to the benefit of certain of the debtors. According to the debtors' declaration filed in support of their first day motions, the debtors received leave from the Canadian court to file these Chapter 11 cases.
The debtors are seeking approval of a sale of three of their wood products businesses to International Forest Products Limited. They are also seeking approval of a bidding procedures motion with respect to their pulp operations and one of their mills.
