Prospector
Profile
2-22-011
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| Ainsworth Lumber Company Ltd. |
NAICS |
321211 |
| 1055 Dunsmuir Street, Suite 3194
Vancouver, BC
Canada C V7X 1L3 |
Description |
Plywood Mfg. |
| (604) 661-3200 |
Employees |
1500 |
| http://www.ainsworth.ca/ |
Revenue |
CDN (mil) |
827.1200 |
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Income |
CDN (mil) |
108.0300 |
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Assets |
CDN (mil) |
1504.2000 |
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Liability |
CDN (mil) |
1210.0900 |
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(for the year ended 2006-12-31) |
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Category:
Low Rating
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Event:
Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on Ainsworth Lumber Company Ltd. by three notches to 'CC' from 'CCC+'. Both ratings remain on CreditWatch with negative implications, where they were placed Feb. 6, 2008. The 'B-' senior secured bank loan rating, with a recovery rating of '2', is unchanged. At the same time, S&P revised the CreditWatch implications on the senior secured bank loan to developing from negative. The '2' recovery rating indicates an expectation of substantial (70%-90%) recovery in the event of a payment default. The senior unsecured notes with a face value of $823.4 million will be exchanged for $596.0 million in senior notes secured by a second lien on certain assets and a third lien on inventory and receivables, at a 14% annual interest rate due June 24, 2014. S&P will lower the ratings to 'SD' upon completion of the exchange offer.
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Intellectual Property:
The Company focuses its research and development efforts on improving manufacturing efficiencies, evaluating the suitability of potential wood resources, and developing new or improved products designed to expand the offering of its AinsworthEngineered® OSB and specialty plywood products, including Pourform® brands of concrete forming products. The Company conducts proprietary research in various research institutions, while also carrying out trials at manufacturing facilities, and relying on the expertise of a number of key suppliers. The Company owns several trademarks, trade names and patents in connection with its OSB and specialty plywood products. [SEC Filing 20-F 03-30-07]
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Description:
Ainsworth Lumber Company Ltd. and its subsidiaries manufacture engineered wood products,
including oriented strand board and specialty overlaid plywood.
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Officers:
Brian Ainsworth (Chair & CEO); Allen Ainsworth (Pres.); Michael Ainsworth (EVP); Catherine
Ainsworth (COO & Sec.); Robert Allen (CFO); Douglas I Ainsworth (SVP-Mktg.)
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Auditor:
Deloitte & Touche LLP
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Securities:
Common Stock Symbol ANS.TO; TSX; 14,649,140 common shares outstanding as of November 7, 2007.
6.75% senior notes due 2014
7.25% senior notes due 2012
senior floating rate notes due 2010
senior floating rate notes due 2013
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