Under certain circumstances, the repayment of the deferred amount may be accelerated. The transaction is the second part of a two phase sale. The first phase of the sale closed on June 25, 2014. As a result of the most recent sale of land, the Company will record a gain of $15 million in its September 2014 financial results.
The transaction is part of the BC Land Sale Initiative. The Company has set an objective of realizing up to $70million in land sales by December 2014. To date, the Company has realized a total of $60million. The Company will provide regular updates on the BC Land Sale Initiative as it progresses. There can be no assurance that the Company will attain the stated objective or that it will do so within the specified time period.
Tembec is a manufacturer of forest products - lumber, pulp, paper and specialty cellulose - and a global leader in sustainable forest management practices.
