Pope and Talbot Off the New York Stock Exchange

By 250 News

The Oregon based company which  owns the Mackenzie Pulp Mill, the Ft. St. James Sawmill and several other  facilities in B.C. is  no longer on the New York Stock Exchange.

The NYSE  served notice it was pulling the financially  challenged company  from the NYSE because the  stock  had  bottomed to  what it called an “abnormally low” mark of  just 40 cents a share. “NYSE Regulation has determined that the Company's common stock is no longer suitable for continued listing on the NYSE”.

Pope and Talbot has served notice it will not challenge the decision of the NYSE.

This is the latest in a string of issues for Pope and Talbot.   It recorded a significant second quarter loss, entered a new agreement with its lenders which called for all of its assets to be offered for sale, it recently sent out notice of higher prices (a $20 price increase for its customers in North America and a $30 price increase for its customers in Europe.)  It has also announced two week shut downs at two of its mills. (Castlegar and Grand Forks)

The Mayor of Mackenzie, Stephanie Killam, says there is no need for concern, that there has been no hint that Pope and Talbot has any intention of closing that Pulp mill.  Mackenzie has just survived the wave of angst created by the changes at the Canfor Mill. 

Industry analysts say the Mackenzie Pulp mill may be a little long in the tooth, but, pulp prices are good, the mill has a future, and someone will step up and buy some, if not all of Pope and Talbot’s assets.  The Ft. St. James mill is particularly attractive they say because of the fiber source attached to that mill, making it a very desirable asset.

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