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.
News Archive: August 2012
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 recorded a net loss of $11.7 million in the second quarter of 2012 ($0.03 per common share), in comparison to a net loss of $25.6 million ($0.07 per common share) the quarter before. Improvement in the current quarter was mainly due to a gain on the sale of surplus-assets and a net reorganization credit reflecting confirmed claim amounts. Before these and other specific items, the net loss for the quarter was $5.0 million compared to a net loss of $9.6 million in the prior quarter.