Cheques are In The Mail

By 250 News

The softwood duties paid to the U.S. during the course of the softwood lumber dispute are making their way back to companies.

Pope and Talbot  has just announced it has received a cheque for a little over $127 million (US).  It will use  nearly half of the amount ($63 million) to pay down debt.

Michael Flannery, Chairman and Chief Executive Officer of Pope and Talbot says "The refund will serve to reduce our debt, improve our capital position and give us additional flexibility to meet our operating requirements."  The refund is pre-tax and includes interest.  Pope and Talbot doesn’t expect any further payments.  The refund is also expected to improve the bottom line  for the company’s fourth quarter.

The company owns a sawmill in Fort St. James, which produces about 1 million board feet per day.  That is the largest of the  company’s 5 sawmills in Canada and the U.S. it also owns a pulp mill in Mackenzie

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