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Tembec
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Montreal, Quebec, Canada 04 September 2008 – 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 27 February 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 that stands as the global leader in sustainable forest management practices. With operations principally located in North America and in France, the company employs approximately 8000 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 at www.tembec.com.

 


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