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OfficeMax Announces That Lehman Brothers Holdings Inc. Bankruptcy is not Expected to Adversely Impact Operations.

Publication: PR Newswire
Publication Date: 20-SEP-08
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NAPERVILLE, Ill., Sept. 19 /PRNewswire-FirstCall/ -- OfficeMax(R) Incorporated today announced that the Lehman Brothers Holdings Inc. bankruptcy is not expected to have an adverse impact on OfficeMax operations.

On September 18, 2008, OfficeMax Incorporated filed a Current Report on Form 8-K with the Securities and Exchange Commission. OfficeMax does not believe any outcome related to the event of default under the installment notes referenced in that filing will have any adverse impact on the company's operations. The company believes any potential cash impact would be funded adequately by the company's excess cash position and the company's credit facility, and would be limited to an approximately $1 million net reduction in annual interest income and a potential acceleration of a portion of the tax liability related to the 2004 timberlands sale transaction....

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