News Archive: March 2010

Stronger market prompts Catalyst to restart 2nd Crofton pulp line

Richmond, BC – Catalyst Paper (TSX:CTL) today announced that it will restart the second line of pulp production at its Crofton NBSK kraft mill in early May, taking advantage of a stronger market. The first line of pulp production was restarted in October 2009 following a seven-month curtailment of the entire kraft mill due to weak pulp demand and pricing.

Catalyst 2009 results reflect ongoing cost reductions, weak market conditions

Richmond, (BC) – Catalyst Paper (TSX:CTL) recorded a net loss attributable to the company of $4.4 million, or $0.01 per common share in 2009, compared to a net loss attributable to the company of $219.8 million, or $0.65 per common share in 2008.
 
Effective December 31, 2009, the company adopted U.S. generally accepted accounting principles (US GAAP) for presentation of its 2009 consolidated financial statements. As a consequence, the quarterly consolidated financial statements for 2009 have been restated into US GAAP and are being filed concurrently with the company’s annual consolidated financial statements.

Catalyst Paper announces closing of the private exchange offer and consent solicitation related to its 8 5/8% senior notes due 2011 (CUSIP No. 65653RAD5)

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced the closing of the private exchange offer and consent solicitation (as amended and supplemented, the “Exchange Offer”) of Catalyst’s 11% Senior Secured Notes due December 15, 2016 (the “New Notes”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”).
 

Catalyst Paper proposes restart plan for Elk Falls paper mill

Richmond, BC – Catalyst Paper (TSX:CTL) today announced that it resubmitted a proposal to the union that could allow for the restart of the Elk Falls paper mill at a labour cost, all in, of approximately $40 per hour. This reflects current market realities and includes changes to wages and benefits similar to those already implemented with management and staff employees. The company also indicated that, to date, 63 per cent of eligible hourly workers at the Elk Falls operation have elected the severance option arising from indefinite curtailment of the mill since February 2009.
 

Catalyst Paper announces expiration of the private exchange offer and consent solicitation related to its 8 5/8% senior notes due 2011 (CUSIP No. 65653RAD5)

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced the expiration of the private exchange offer and consent solicitation (as amended and supplemented, the “Exchange Offer”) of Catalyst’s 11% Senior Secured Notes due December 15, 2016 (the “New Notes”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”). The Exchange Offer expired in accordance with its terms at midnight on March 5, 2010.
 

Catalyst Paper announces 89.96% of old notes tendered by the expiration of the early tender date

Reduction of minimum tender condition and extension of expiration date in connection with private exchange offer and consent solicitation related to 8 5/8% senior notes due 2011 (CUSIP No. 65653RAD5)

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced that U.S.$318,676,000 in principal amount of the Old Notes (defined below), or 89.96% of the outstanding Old Notes, had been validly tendered as of the expiration of the early tender and withdrawal date of 5:00 p.m., New York City time, on February 25, 2010 (the “Early Tender Date”), in connection with the previously announced private exchange offer and consent solicitation (as amended and supplemented, the “Exchange Offer”), of Catalyst’s 11% Senior Secured Notes due December 15, 2016 (the “New Notes”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”).
 
 

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