Tembec's US subsidiary files for bankruptcy protection
Apr 25, 2011. Tembec Inc. announced that its non-operating U.S. Subsidiary, Tembec USA LLC has filed a petition seeking relief under Chapter 7 of the Bankruptcy Code of the United States.
Apr 25, 2011. /Lesprom Network/. Tembec Inc. announced that its non-operating U.S. Subsidiary, Tembec USA LLC has filed a petition seeking relief under Chapter 7 of the Bankruptcy Code of the United States.
Tembec USA LLC operated a coated paper mill located in St. Francisville, Louisiana (“Mill”). The mill was idled in July 2007 and the property and equipment subsequently sold to a third party in April 2009. Tembec USA LLC currently has obligations totalling US $81 million and assets totalling US $1 million.
As a result of the filing, Tembec Inc. will reduce its consolidated accrued benefit obligation by $9 million.
Tembec is a large, diversified and integrated forest products company which stands as the global leader in sustainable forest management practices.