Doman scheduled to emerge from bankruptcy on July 27

By Jeff Pines

Washington, July 23 - Doman Industries Ltd. said it expects to emerge from bankruptcy around July 27.

The Duncan, B.C.-based forest products company previously said that more than 90% of the warrants were exercised for Western Forest Products, Inc., the newly formed company that holds Doman's solid wood assets.

Shareholders will receive class C warrants for Western Forest Products shares when the company emerges. Each class C warrant can be used to buy one share. The warrants are not transferable and mature in five years. Doman will issue the warrants in three tranches for 10% of Western Forest Products' fully diluted shares.

Tranches 1, 2 and 3 will be exercisable for 2%, 3% and 5% of the fully diluted shares of Western at equity strike prices of $417.3 million, $667.3 million and $867.3 million, respectively.

Doman filed for bankruptcy on Nov. 7, 2002.

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