Restructuring Process

In September, 2012, Catalyst Paper announced the successful completion of a debt restructuring process under the terms of the Companies’ Creditors Arrangement Act (CCAA). Catalyst entered into the CCAA process in January 2012, and received overwhelming support from secured and unsecured creditors for a Second Amended and Restated Plan of Compromise and Arrangement in June.
 
As a result of the reorganization and related transactions, Catalyst reduced its debt by $390 million, eliminated $80 million of accrued interest and reduced annual interest expense and other cash costs by approximately $70 million. A new asset backed loan facility and exit financing facility were in place at the time of Catalyst’s emergence from creditor protection, under new ownership.
 
The initial CCAA court order and other relevant materials are posted below and at www.pwc.com/car-catalystpaper. The Canadian order was also recognized in the United States, and documents relevant to those proceedings are posted below and at https://ecf.deb.uscourts.gov. Documents pertaining to an effort – preceding CCAA creditor protection – to obtain a consensual recapitalization agreement are available here.