Doman Industries reorganization plan rejected by court

Chicago, March 10 - Doman Industries Ltd. said late Friday that its draft plan of compromise or arrangement was not approved by the Supreme Court of British Columbia.

In connection with proceedings under the Companies Creditors Arrangement Act, the plan was not approved for creditors based upon objections raised by an ad hoc committee of the holders of Doman's senior secured notes. Objections raised by Doman's preferred shareholders were rejected by the court.

Doman said it intends to revise its draft plan based upon the court's directions and resubmit it within the next few weeks. The company expects that a revised plan will be approved by the court and presented to its creditors sometime in April.

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