SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) JUNE 21, 1999
PLUM CREEK TIMBER COMPANY, L.P.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-10239 91-1443693
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification No.)
organization)
999 THIRD AVENUE, SUITE 2300
SEATTLE, WASHINGTON 98104-4096
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (206) 467-3600
ITEM 5. OTHER EVENTS
On June 21, 1999, the Delaware Court of Chancery approved the
settlement of the previously disclosed litigation against the Registrant
relating to its proposed conversion from a publicly traded limited
partnership to a Real Estate Investment Trust. The registrant has
indicated its intention to consummate this conversion on July 1, 1999.
ITEM 7. EXHIBITS
99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PLUM CREEK TIMBER COMPANY, L.P.
By: Plum Creek Management Company L.P.,
its General Partner
Date: June 21, 1999 By: /s/ William R. Brown
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William R. Brown
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit Description
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99.1 Press Release
EXHIBIT 99.1
Plum Creek Timber Company, L.P.
999 Third Avenue, Suite 2300
Seattle, Washington 98104-4096
206-467-3600
Contact: Michelle D. Monfor
Director, Investor Relations
(206) 467-3613 or 1-800-858-5347
www.plumcreek.com
PLUM CREEK TIMBER COMPANY'S REIT
TO BECOME EFFECTIVE JULY 1, 1999
SEATTLE, WASHINGTON -- June 21, 1999 -- Plum Creek Timber Company, L.P.
(NYSE:PCL) announced today that the Delaware Court of Chancery has approved
a previously announced agreement settling all litigation relating to the
proposed conversion of the Company into a Real Estate Investment Trust
(REIT).
Plum Creek intends to complete the conversion to the REIT effective
July 1, 1999. As a part of the conversion, each Unitholder will receive
one share in the new REIT for each Unit of Plum Creek currently held. The
shares of Plum Creek will continue to be traded on the New York Stock
Exchange under the trading symbol "PCL."
"This is an important milestone for Plum Creek," said Rick R. Holley,
President and Chief Executive Officer. "The REIT is a superior structure
to support Plum Creek's future growth. In addition to providing us with an
acquisition currency, we will have a significantly lower cost of capital,
which will make any future acquisitions we may undertake more accretive to
cash flow and beneficial to our investors."
Plum Creek is one of the largest private timberland owners in the
nation with timberlands and mills located in the Northwest, Southern and
Northeastern United States
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