News Archive: February 2012

Catalyst Paper announces changes to Board of Directors

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that its Board of Directors has elected Jeffrey Marshall as Chair of the Board to replace Benjamin Duster.  Mr. Marshall is also the Chair of Ormet Corporation and serves on the Boards of Lakefield College School Foundation and Brand Energy and Infrastructure Services Inc.  Mr. Marshall has been a Director of Catalyst since 2006.  Mr. Duster will continue to serve as a valued member of the Board of Directors of the company.

Catalyst Paper debtor-in-possession financing in place under CCAA order – TSX completes stock delisting review

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that further to its press releases dated January 31, 2012, the company and certain of its subsidiaries obtained a further Order from the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act (CCAA).

The Order amends and restates the Initial Order the Court granted on January 31, 2012.  The Order also approves advances under the debtor-in possession (DIP) financing of up to approximately $175 million, subject to certain terms and conditions, that the lenders have agreed to provide to Catalyst during the CCAA proceedings.  The Order has been recognized under chapter 15 of title 11 of the US Code.

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