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Client Work

Pope & Talbot enters into cross-border insolvency proceedings

Fasken
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Overview

Client

PricewaterhouseCoopers LLP

On October 29, 2007, the Ontario Superior Court of Justice Commercial List granted an Order providing protection for Pope & Talbot Ltd. and certain affiliates pursuant to the Companies' Creditors Arrangement Act (CCAA) and PricewaterhouseCoopers Inc. (PwC) was named as Monitor. Chapter 11 proceedings were commenced in Delaware three weeks later on November 19, 2007. Pope & Talbot was a 160-year old forestry company headquartered in Portland, Oregon but with most of its pulp and sawmill assets in Canada. At the time it sought protection from its creditors, it employed approximately 1,800 people. During the course of the CCAA proceedings, Pope & Talbot sold the majority of its hard wood assets. At the end of April 2008, when the anticipated sale of its pulp assets collapsed, PwC was appointed receiver of all of the assets and undertakings of Pope & Talbot. The receivership proceeding was subsequently recognized as a foreign main proceeding in Chapter 15 proceedings commenced in Delaware. As receiver, PwC sold the remainder of Pope & Talbot's assets, including two pulp mills and a saw mill in British Columbia. Fasken Martineau was retained to advise PwC in its capacity as both court-appointed monitor and receiver. The Fasken Martineau team was led by John Grieve and Kibben Jackson and included, among others, Richard Berrow, Clayton Jones, Chuck Willms and Lisa Sulek.

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