Tembec gains additional support for recapitalization transaction

    MONTREAL, Dec. 23 /CNW Telbec/ - Tembec Inc. ("Tembec") announced today
that it has gained additional support for the proposed recapitalization
transaction announced on December 19, 2007 (the "Recapitalization").
    Since Tembec's public announcement of the Recapitalization, more
noteholders have executed support agreements with Tembec whereby they have
agreed to vote in favour of and support the Recapitalization. As of
December 23, 2007, noteholders have executed support agreements and have
agreed to vote approximately US $580 million of notes in favour of and to
support the Recapitalization. Tembec will continue to solicit and obtain
further support for the Recapitalization.
    Tembec has entered into additional backstop agreements as contemplated in
the Key Terms of the Recapitalization announced on December 19, 2007.
    Further information about the Recapitalization is available on SEDAR
(www.sedar.com), EDGAR (www.sec.gov/edgar.shtml) and the Company's web page

    Tembec is a large, diversified and integrated forest products company.
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 TBC. Additional information on
Tembec is available on its website at www.tembec.com.

    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 by the Company that
reflect its experience and its understanding of future developments. Such
statements are subject to a number of uncertainties, including, but not
limited to, receipt of the approvals necessary to implement the
Recapitalization, changes in foreign exchange rates, product selling prices,
raw material and operating costs, and other factors identified in the
Company's periodic filings with securities regulatory authorities in Canada
and the United States. Many of these uncertainties are beyond the Company's
control and, therefore, may cause actual actions or results to 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 otherwise.
    This press release is not an offer of securities for sale in the United
States and securities may not be offered or sold in the United States absent
registration or exemption from registration.

For further information:

For further information: Investor Contacts: Michel J. Dumas, Executive
Vice President, Finance and Chief Financial Officer, (819) 627-4268,
michel.dumas@tembec.com; BMO Capital Markets, Financial Advisor to Tembec,
(416) 359-5210, (866) 668-6211 (toll free); Media Contacts: John Valley,
Executive Vice President, Business Development and Corporate Affairs, (416)
775-2819, Cell: (289) 259-5699, john.valley@tembec.com; Tony Fratianni, Vice
President, General Counsel and Secretary, (514) 871-2310,

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