Doman says Tricap restructuring proposal lapses

New York, Aug. 12 - Doman Industries Ltd. said the restructuring proposal put forward by Tricap Restructuring Fund has lapsed.

The Duncan, B.C. forest products company said it will use the order under the Canadian Companies Creditors Arrangement Act staying proceedings against the company until Sept. 22 to examine other potential financing alternatives.

Doman received Tricap's proposal in July, noting at the time that it was "materially different" from the restructuring plan previously put forward by a group of unsecured noteholders, including Tricap, and filed with the court on Nov. 7, 2002.

Tricap owns about 18% of Doman's unsecured notes.

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