<SUBMISSION>
<ACCESSION-NUMBER>0001157523-09-004441
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20090611
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20090612
<DATE-OF-FILING-DATE-CHANGE>20090611
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>POTLATCH CORP
<CIK>0001338749
<ASSIGNED-SIC>6798
<IRS-NUMBER>820156045
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32729
<FILM-NUMBER>09888022
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>601 WEST FIRST AVENUE
<STREET2>SUITE 1600
<CITY>SPOKANE
<STATE>WA
<ZIP>99201
<PHONE>(509) 835-1500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>601 WEST FIRST AVENUE
<STREET2>SUITE 1600
<CITY>SPOKANE
<STATE>WA
<ZIP>99201
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Potlatch Holdings, Inc.
<DATE-CHANGED>20050914
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5985563.htm
<DESCRIPTION>POTLATCH CORPORATION 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      DC 20549</b></font><br><br><br><font style="font-size: 14pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT PURSUANT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>TO
      SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><br><u><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report: June 11, 2009</font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Date
      of earliest event reported)</font><br><br><br><font style="font-size: 12pt"><b>POTLATCH
      CORPORATION</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>_______________________________</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Delaware</b></u>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>001-32729</b></u>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>82-0156045</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of Incorporation)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification Number)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 67%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>601 W. First Avenue, Suite 1600, Spokane WA</b></u>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>99201</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 67%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <u><b>509-835-1500</b></u><br>(<font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number,</font><br><font style="font-family: Times New Roman; font-size: 10pt">
      Including area code)</font><br>
    </p>
    <p>

    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions: </font>(<i>see </i>General Instruction A.2.
      below):
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other Events.</b>
    </p>
    <p>
      On June&#160;11, 2009, the Company issued a press release announcing the
      discharge of its obligations under the indenture governing the $100
      million principal amount of 9-1/8% credit sensitive debentures due
      December 1, 2009. A copy of the press release is attached as Exhibit
      99.1 hereto and is incorporated by reference herein.
    </p>
    <p>
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap; text-align: justify; margin-left: 30.0px">
      <i>(d)&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</i>
    </p>
    <div style="text-align:right">
    <table cellspacing="0" style="margin-left:auto; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 95%">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px; width: 15%">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          Press release issued by Potlatch Corporation dated June 11, 2009:
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          POTLATCH DISCHARGES OBLIGATIONS ON $100 MILLION CREDIT SENSITIVE
          DEBENTURES
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated: June 11, 2009
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            POTLATCH CORPORATION
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 4%">
          By:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 46%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Pamela Mull
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 46%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Pamela Mull
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 46%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Corporate Secretary
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit</u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px; width: 15%">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          Press release issued by Potlatch Corporation, dated June 11, 2009.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5985563ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Potlatch
      Discharges Obligations on $100 Million Credit Sensitive Debentures</b></font>
    </p>
    <p>
      SPOKANE, Wash.--(BUSINESS WIRE)--June 11, 2009--Potlatch Corporation
      (NYSE: PCH) today announced that its obligations under the indenture
      governing the $100 million principal amount of 9-1/8 percent credit
      sensitive debentures, due December 1, 2009, have been fully discharged.
    </p>
    <p>
      Potlatch's former affiliate, Clearwater Paper Corporation, has deposited
      with the indenture trustee a sum sufficient to satisfy all remaining
      principal and interest due on the credit sensitive debentures. Prior to
      Potlatch's spin-off of Clearwater in December 2008, Clearwater agreed to
      make all remaining payments to holders of the credit sensitive
      debentures.
    </p>
    <p>
      &#8220;We are pleased that Clearwater has successfully refinanced its debt and
      has satisfied Potlatch&#8217;s obligations on the debentures,&#8221; said Michael J.
      Covey, chairman, president and chief executive officer for Potlatch.
      &#8220;This is a very positive development for both companies and their
      shareholders.&#8221;
    </p>
    <p>
      Until the December 1, 2009 maturity date of the debentures, the funds
      deposited with the indenture trustee by Clearwater Paper for payment to
      the debenture holders will be reflected on Potlatch&#8217;s balance sheet as
      restricted cash. In addition, we expect the $100 million limitation on
      availability under our $250 million bank credit facility to be removed
      as a result of the deposit with the indenture trustee of funds
      sufficient to satisfy its obligations on the debentures.
    </p>
    <p>
      <b>ABOUT POTLATCH</b>
    </p>
    <p>
      Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.6
      million acres of timberland in Arkansas, Idaho, Minnesota and Wisconsin.
      Potlatch, a verified forest practices leader, is committed to providing
      superior returns to stockholders through long-term stewardship of its
      forest resources. The company also conducts a land sales and development
      business and operates wood products manufacturing facilities through its
      taxable REIT subsidiary.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>FORWARD-LOOKING STATEMENTS</b>
    </p>
    <p>
      This news release contains certain forward-looking statements within the
      meaning of the Private Litigation Reform Act of 1995 as amended,
      including without limitation statements about borrowing availability
      under our bank credit facility. These forward-looking statements are
      based on current expectations, estimates, assumptions and projections
      that are subject to change, and actual results may differ materially
      from the forward-looking statements. Factors that could cause Potlatch's
      actual results to differ materially include those risks and
      uncertainties described from time to time in Potlatch's public filings
      with the Securities and Exchange Commission. These forward-looking
      statements are made as of the date hereof and Potlatch does not
      undertake to update any forward-looking statements.
    </p>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Potlatch Corporation<br>Media:<br>Mark Benson, 509-835-1513<br>or<br>Investors:<br>Eric
      Cremers, 509-835-1521
    </p>
    <p>

    </p>
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