Tembec's Non-Operating U.S. Subsidiary Files for Chapter 7
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Tembec Inc., Montreal, Que., Canada, this week announced that its non-operating U.S. Subsidiary, Tembec USA, has filed a petition seeking relief under Chapter 7 of the U.S. Bankruptcy Code. Tembec USA operated a coated paper mill in St. Francisville, La., that was idled in July 2007. The mill property and equipment were sold to a third party in April 2009. Tembec USA currently has obligations totaling $81 million and assets totaling $1 million.
As a result of the filing, Tembec Inc. will reduce its consolidated accrued benefit obligation by $9 million. Tembec's principal operations are in Canada and France.
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