EXHIBIT 99.1

Contact:   Michelle D. Monfor
           Director, Investor Relations
           (206) 467-3613 or 1-800-858-5347
           WWW.PLUMCREEK.COM
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  PLUM CREEK REACHES SETTLEMENT IN LITIGATION RELATING TO REIT CONVERSION
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      SEATTLE, WASHINGTON - April 9, 1999 - Plum Creek Timber Company, L.P.
(NYSE:PCL) announced today that the Company and its general partner have
entered into an agreement settling all litigation relating to the proposed
conversion of the Company into a real estate investment trust (REIT).

      Under the terms of the settlement, which remains subject to court
approval, Plum Creek's general partner would be obligated to pay up to an
aggregate of $30 million, which shall be paid into a fund to be
administered by plaintiff's counsel and overseen by the court for
distribution to eligible Unitholders if certain five-year financial targets
of the Company are not met. Payments, if any, would be scheduled to be made
following the end of the five-year period, on or about April 15, 2004. Such
payments, less court approved attorney fees, would be made to Unitholders
who are beneficial owners as of the REIT conversion date.

      The Company said that the settlement provides a benefit to
Unitholders, halts the substantial expense, uncertainty and distraction of
continued litigation, and enables the Company to move forward with the
process of converting to a REIT. Rick Holley, Plum Creek's President and
Chief Executive Officer, said "The Board and management continue to believe
that the proposed conversion will help us achieve important strategic
business objectives that will benefit all of our Unitholders."

      As previously announced, the Company intends to hold the Unitholder
vote on the proposed conversion on April 19, 1999. If Unitholder approval
is obtained, the Company expects to convert to a REIT as soon as
practicable following final court approval of the settlement. Court
approval will be sought at a hearing scheduled for June 21, 1999.

      Plum Creek is one of the largest private timberland owners in the
nation with timberlands and mills located in the Pacific Northwest,
Southern and Northeastern United States.

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