International Forest Products Ltd (Interfor) is preparing to improve its C$310m bid to buy the assets of troubled lumber company Doman Industries Ltd.
KPMG Inc, Doman’s court-appointed monitor, confirmed that Interfor would revise its offer, this time to include all of the company’s assets. The previous offer, rejected by Doman’s unsecured bondholders, covered the purchase of four sawmills, a remanufacturing plant, plus timberlands and forest tenures.
The unsecured bondholders, who along with Brascan-owned Tricap Restructuring Fund are owed about C$600m by Doman, have submitted their own plan to restructure the company and take control of the assets.
