News Archive: March 2012

Catalyst reaches new 5-year labour agreement with unions

Richmond, BC – Catalyst Paper reached new labour agreements with unions representing more than 1,000 paper and pulp workers at the company’s Crofton, Port Alberni and Powell River mills. The new contracts will go into effect at the expiry of the current contract on April 30, 2012.

Catalyst enters into Restructuring and Support Agreement

Richmond, BC – Catalyst Paper Corporation announced today that the company has entered into an agreement (the Agreement) with certain holders of its 11% senior secured notes due 2016 (Senior Secured Notes) and 7 3/8% senior notes due 2014 (Senior Notes) with respect to a plan of arrangement under the Companies’ Creditors Arrangement Act (CCAA). The company filed for protection under the CCAA on January 31, 2012.

Asset impairments drive 2011 loss, negative outlook leads to CCAA filing

Richmond, (BC) – Catalyst Paper (TSX:CTL) posted a net loss of $974.0 million ($2.55 per common share) in 2011 due in large part to asset impairments on Canadian and Arizona-based operations. Other factors contributing to the loss were capital restructuring costs, a foreign exchange loss on the translation of U.S. dollar denominated debt and fire-related outages at the Snowflake and Powell River mills. The company’s net loss in 2010 was $396.9 million ($1.04 per common share).

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