Richmond, BC – Catalyst Paper today announced that it has received the decision from the Ministry of Forests, Lands and Natural Resource Operations (FLNRO) over the day to day management of the weir that controls the water levels in Lake Cowichan and the Cowichan River.
Richmond, BC – Catalyst Paper Corporation announced today that final approval has been received for listing on the Toronto Stock Exchange (TSX) of its new class of common shares (new Shares) created pursuant to its reorganization under the Companies’ Creditors Arrangement Act that completed on September 13, 2012. The new Shares will begin trading on the TSX on January 7, 2013 under the trading symbol “CYT”.
Richmond, BC – Catalyst Paper today announced that the sale of its Elk Falls site in Campbell River to Pacifica Deep Sea Terminals Incorporated did not close and the sale agreement has been terminated. The sale of the 400-acre industrial site and adjacent properties was initially expected to close on September 5, 2012. A non-refundable prepayment of a portion of the purchase price was received and the transaction timeline was extended multiple times up to the ultimate deadline of December 18, 2012.
Richmond, BC – Catalyst Paper announced that it has accepted, subject to US Court approval, a binding bid from an acquisition vehicle organized by Hackman Capital and its affiliates to purchase the assets of the closed Snowflake facility and the shares of Apache Railway for US$13,460,000 and other non-monetary consideration. The buyer intends to continue to operate the Apache Railway as a going concern, and the transaction is supported by the Town of Snowflake and various local interests.
Richmond, BC – Catalyst Paper announced that it has accepted a qualified stalking horse bid from MLR Ventures, LLC (the Stalking Horse) as part of the sales process for disposition of the Snowflake facility and Apache Railway.
SNOWFLAKE, AZ, Nov. 27, 2012 – The Town of Snowflake today announced that Catalyst Paper Corporation and its United States affiliates will be working cooperatively with the Town as Catalyst seeks to sell the Apache Railway Company as an operating railroad. The Town believes that this approach will serve to ensure the long-term viability of the railroad and its place in the community, both today and for the future.
Richmond, BC – Catalyst Paper announced today that it has received conditional approval for the listing of its new common shares on the Toronto Stock Exchange.
Richmond, BC - Catalyst Paper Corporation will hold a conference call on Wednesday November 14 at 8:00 a.m. Pacific, 11:00 a.m. Eastern, to review the Company's quarterly results which will be released on Tuesday November 13, 2012.
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Richmond, BC – Catalyst Paper today announced that it has received partial pre-payment of the $8.6 million purchase price for the Elk Falls site in Campbell River from Pacifica Deep Sea Terminals Incorporated. The transaction includes the 400-acre industrial site and adjacent properties.
Crofton, BC – A joint agreement to increase water flows in the Cowichan River was reached between the federal Department of Fisheries and Oceans, provincial Ministry of Forests, Lands and Natural Resource Operations, Cowichan Tribes, Cowichan River Hatchery and Catalyst Paper, Crofton Division.
Richmond, BC – Catalyst Paper announced today that it has begun a sale process for its Snowflake mill and associated assets in accordance with the US Court-approved sale and investor solicitation procedures (SISP).
Richmond, BC – Catalyst Paper announced today that it has successfully completed its previously announced reorganization pursuant to its Second Amended and Restated Plan of Compromise and Arrangement (the Amended Plan) under the Companies’ Creditors Arrangement Act.
Richmond, (BC) – Catalyst Paper today announced that the following individuals have been selected by certain of the senior secured and unsecured noteholders in accordance with the terms of the Court-sanctioned second amended Plan of Arrangement to form the new Board of Directors on the company’s emergence from creditor protection.
Richmond, BC – Catalyst Paper today announced that it has reached agreement with Pacifica Deep Sea Terminals Incorporated on the sale of its Elk Falls site in Campbell River. The $8.6 million sale of the 400-acre industrial site and adjacent properties is expected to close September 5, 2012. It completes Catalyst’s comprehensive bid review process which began earlier this year.
The City of Port Alberni and Catalyst Paper are moving forward with key strategic initiatives after reaching an agreement-in-principle for the purchase of the company’s wastewater treatment facility and additional lands.
The agreement, valued at $5.75 million consists of two parts: acquisition of the 13.4 hectare wastewater treatment facility located across the Alberni Inlet and secondly, 3.9 hectares of land combined with a road dedication (part of the Redford Street extension arrangement) to facilitate the development of an industrial truck route along the waterfront.
Richmond, BC – Catalyst Paper announced today that it has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
Richmond, BC – Catalyst Paper today announced the permanent closure of its Snowflake recycle mill located in northeastern Arizona and its subsidiary the Apache Railway Company. This follows extensive efforts to improve the operation’s financial performance in the face of intense supply input and market pressures. The operation is scheduled to shut production on September 30, 2012.
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.
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.
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.
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.
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.
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.
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.
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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