MONTREAL, Sept. 4 /PRNewswire-FirstCall/ -- In response to an inaccurate press report issued today that Tembec Industries Inc. filed for bankruptcy protection in the United States, Tembec Industries Inc. has indicated that, as a final step in its recapitalization, it has filed a chapter 15 petition in the United States. The chapter 15 filing is intended to give effect to the sanction order issued under the Canada Business Corporation Act in Canada on February 27, 2008 and does not affect the rights of any creditors or shareholders or any security holder of Tembec Inc. or any of its affiliates.
"The filing today simply closes a procedural loose end related to the recapitalization" said James Lopez, President and CEO of Tembec. "It is not in any way a material event and does not in any way affect the business or the financial condition or anything else related to the newly recapitalized corporation."
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 http://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 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 otherwise.
