News Archive: June 2012

BC Court approves Catalyst Paper reorganization plan


Richmond, BC – Catalyst Paper Corporation received approval today for its reorganization plan from the Supreme Court of British Columbia. The company’s second amended plan under the Companies’ Creditors Arrangement Act (the Amended Plan) received 99 per cent support from creditors at meetings held earlier this week.

Creditors approve Catalyst Paper restructuring plan

Richmond, BC – Catalyst Paper Corporation is pleased to announce that the company has received the necessary creditor approval for its second amended plan of arrangement under the Companies Creditors Arrangement Act in Canada. Approval of more than 99 per cent of secured and unsecured creditors was received in votes cast in person and by proxy at meetings held today in Richmond, BC.

Catalyst Paper announces further support for amended Plan of Arrangement

Richmond, BC – Catalyst Paper today announced an update on the further amended plan of arrangement (Amended Plan) under the Companies’ Creditors Arrangement Act. Catalyst Paper has reached an agreement in principle with certain additional holders of its 7 3/8% senior notes due March 1, 2014 (Unsecured Notes) on the terms of a settlement and support agreement (Agreement) to be entered into with respect to the Amended Plan.  These additional holders, who voted against the prior Plan of Arrangement, hold approximately US$120 million aggregate principal amount of outstanding Unsecured Notes.

Catalyst Paper announces Update on CCAA Plan of Arrangement

Richmond, BC – Catalyst Paper today announced an update on the status of its discussions regarding a new asset backed loan (ABL) facility and an exit financing facility. While Catalyst has not yet agreed to terms with any lender, Catalyst believes that the exit facility lender or lenders may require that the exit facility be secured by a charge on the assets of Catalyst and its subsidiaries that ranks equally with or in priority to the security to be granted to holders of the New First Lien Notes, as previously described in Catalyst’s information circular dated March 23, 2012 (the Circular) and as provided for in the Further Amended Plan of Arrangement scheduled to be voted on at meetings of the unsecured and secured creditors of Catalyst on June 25, 2012.

Catalyst Paper announces Court Approval for Creditor Meetings

Richmond, BC – Catalyst Paper today announced that, further to its news release dated June 14, 2012, it has received approval from the Court for additional meetings of its secured and unsecured creditors (the Meetings) to consider the further amended Plan of Arrangement (the Amended Plan) under the Companies’ Creditors Arrangement Act. The Meetings to consider the Amended Plan will be held on June 25, 2012 at 10:00 am for Unsecured Creditors (including holders of Unsecured Notes and General Unsecured Claims) and 11:00 am for First Lien Noteholders at Delta Vancouver Airport Hotel, 3500 Cessna Drive, Richmond, BC.

Catalyst Paper announces Amended Plan of Arrangement and Creditor Meetings

Richmond, BC – Catalyst Paper today announced that it is seeking approval of a further amended Plan of Arrangement (the Amended Plan) under the Companies’ Creditors Arrangement Act and will file tomorrow for approval from the Court to set meetings of its secured and unsecured creditors to consider the Amended Plan (the Meetings). Subject to Court approval, the Meetings are tentatively scheduled for June 25, 2012.

Catalyst Paper seeks support from secured noteholders for amendment to plan of arrangement

Richmond, BC – Catalyst Paper today announced that it is seeking the support of its secured noteholders for a proposed amended plan of arrangement (Amended Plan) under the Companies’ Creditors Arrangement Act. Catalyst requires the support of certain of its secured noteholders under the terms of a Restructuring and Support Agreement (RSA) in order to seek approval of an Amended Plan. Accordingly, Catalyst has presented the primary terms of the Amended Plan to its secured noteholders for consideration and is in discussions with certain of its other secured and unsecured creditors regarding the Amended Plan.

Catalyst Paper announces update on CCAA process

Richmond, BC – Catalyst Paper today announced that a number of parties have expressed interest in participating in the court-approved sale and investor solicitation procedures (SISP).

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