News Archive: January 2010

Catalyst Paper announces extension of the private exchange offer and consent solicitation related to its 8 5/8% senior notes due 2011 (CUSIP No. 65653RAD5)

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced an extension of the private exchange offer and consent solicitation (the “Exchange Offer”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”), made pursuant to its Offering Memorandum and Consent Solicitation, dated November 24, 2009 (the “Offering Memorandum”) and the accompanying letter of transmittal (the “Letter of Transmittal” and together with the Offering Memorandum, the “Offer Documents”). The terms of the Exchange Offer were previously amended as described in the press release dated January 25, 2010.

Catalyst announces departure of Chief Executive Officer

Richmond, BC – Catalyst Paper (TSX:CTL) today announced that Richard Garneau, the company’s chief executive officer, will be leaving the company on April 28, 2010, following the company’s annual meeting of shareholders. Mr. Garneau advised the Board of Directors today that for personal reasons he will be moving back to eastern Canada to be closer to his family.

Announcement of amendment to the private exchange offer and consent solicitation for its 8 5/8% senior notes due 2011 (CUSIP No. 65653RAD5)

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced that it has amended the terms of its private exchange offer and consent solicitation (the “Exchange Offer”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”).
 
As a result of this amendment, an amended and restated offering memorandum (the “Amended Offering Memorandum”), reflecting the terms of the amended Exchange Offer, will be made available to Eligible Holders (as defined below) as soon as possible.
 

Claim for payment recovery in Quebecor World (U.S.) bankruptcy proceeding refuted

 
Richmond, BC – Catalyst Paper (TSX:CTL) today announced that a claim filed against it by Quebecor World (USA)’s litigation trustee for alleged preferential transfers of approximately US$18.8 million is not expected to result in any significant liability to Catalyst. The claim seeks the return of payments made by Quebecor World to Catalyst in the ordinary course of their trade relationship in the 90 days prior to Quebecor World’s Chapter 11 filing in December, 2007. Catalyst is one of 1700 vendors of Quebecor World who received payments totalling US$390 million during the preference period in which the litigation trustee has sought recovery. The claim is made pursuant to the U.S. Bankruptcy Code which allows recovery of certain transfer made by the bankrupt debtor within the 90 days prior to the bankruptcy filing, subject to a vendor’s defences.
 

Catalyst idles Crofton paper machine, Coquitlam de-inking plant

Richmond, BC – Catalyst Paper (TSX:CTL) today announced that its Crofton No. 1 paper machine will be curtailed indefinitely due to weak newsprint and directory paper demand. The machine, which produces 140,000 tonnes of commodity grades on an annualized basis, was temporarily idled on December 23, 2009 for the holiday period.
 

Announcement of extension of the private exchange offer and consent solicitation related to its 8 5/8% senior notes due 2011 (CUSIP No. 65653RAD5) to 5:00 p.m., New York City time, January 29, 2010

Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced an extension of the private exchange offer and consent solicitation (the “Exchange Offer”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”), made pursuant to its Offering Memorandum and Consent Solicitation, dated November 24, 2009 (the “Offering Memorandum”) and the accompanying letter of transmittal (the “Letter of Transmittal” and together with the Offering Memorandum, the “Offer Documents”).
 

Product Showcase