The corporate finance manager in the Toronto-Dominion Bank's forest products group, was reviewing a refinancing request for $200MM from Columbia River Pulp Company (CRP). In addition, CRP had requested a $25MM operating facility. CRP owned and operated a world class kraft market pulp mill located in Longview, Washington. CRP had a negative net worth, in excess of $200MM. This had the potential to be a turnaround situation; cash flow versus balance sheet lending. The case permits an extensive size-up and detailed loan granting decision. (This case can be used with two related cases bearing the same name, 9A95B034 and 9A90B037. A Microsoft Excel spreadsheet is also available for use with this case, product 7A90B036.)