Doman says bankruptcy proceedings extended to July 23

New York, April 25 - Doman Industries Ltd. said its bankruptcy proceedings have been extended to July 23.

The Supreme Court of British Columbia issued an order in connection with the Duncan, B.C. forest products company extending the stay of proceedings to July 23.

Doman said it asked for the extension because further negotiations with representatives of the holders of its unsecured notes are necessary before a revised plan of arrangement can be presented to the court.

Doman added that it does not expect to be in a position to file a revised plan of arrangement before June.

Implementation of a revised plan is also dependent on the new forest reform package, recently introduced by the Government of British Columbia, becoming effective, Doman said. The timing of this is uncertain but the government has indicated that passage of the new legislation is planned for the current session of the Legislature scheduled to end on May 29.

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