Item 8.01 Other Events.

On March 2, 2009, International Paper Company issued a press release announcing that its board of directors reduced its quarterly common stock dividend from twenty-five cents ($0.25) per share to two and one-half cents ($0.025) per share, effective for the second quarter 2009 dividend payment. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

In addition, on March 2, 2009, International Paper Company announced that it signed a purchase and sale agreement to divest approximately 143,000 acres of real estate to American Timberlands Fund I, LP. A copy of the press release announcing this transaction is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1 Press Release of the Company dated March 2, 2009.

Exhibit 99.2 Press Release of the Company dated March 2, 2009.

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