Doman misses coupon on 8¾% notes due 2004

New York, March 15 - Doman Industries Ltd. said it did not make the semi-annual interest payment due March 15 on its $388 million 8¾% senior unsecured notes maturing 2004.

The Duncan, B.C. company has a 30-day grace period before the failure to pay becomes a default.

Doman said it did not make the coupon payment because of "current industry, financial and market circumstances, including the uncertainty surrounding any settlement or interim resolution relating to the softwood lumber tariff trade dispute and depressed pulp prices."

The company said it will continue ongoing operations and monitor trade and other developments. Further announcements will be made as required, Doman added.

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