MONTREAL, Oct. 31 /CNW Telbec/ - Tembec Industries Inc. ("Tembec") today
announced that it has successfully obtained a final American court order
recognizing its Canadian plan of arrangement as a foreign proceeding in the
United States. Tembec's recapitalization transaction was completed on
February 29, 2008.
As previously announced on September 4, 2008, Tembec filed a petition
under chapter 15 of the U.S. Bankruptcy Code for recognition of the plan of
arrangement and to give effect to the sanction order issued under the Canada
Business Corporation Act in Canada on February 27, 2008.
Tembec is a large, diversified and integrated forest products company
which stands as the global leader in sustainable forest management practices.
With operations principally located in North America and in France, the
Company employs approximately 8,000 people. Tembec's common shares are listed
on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT.
Additional information on Tembec is available on its website at
This press release includes "forward-looking statements" within the
meaning of securities laws. Such statements relate to the Company's or
management's objectives, projections, estimates, expectations or predictions
of the future and can be identified by words such as "will", "anticipate",
"estimate", "expect" and "project" or variations of such words. These
statements are based on certain assumptions and analyses made by the Company
in light of its experience and its perception of future developments. Such
statements are subject to a number of risks and uncertainties, including, but
not limited to, changes in foreign exchange rates, product selling prices, raw
material and operating costs and other factors identified in our periodic
filings with securities regulatory authorities. Many of these risks are beyond
the control of the Company and, therefore, may cause actual actions or results
to materially differ from those expressed or implied herein. The Company
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
For further information:
For further information: Richard Fahey, Vice President, Communications
and Public Affairs, (514) 871-2304, firstname.lastname@example.org