Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that to facilitate an orderly restructuring of its business and operations, the board of directors of the company has approved a filing for an Initial Order from the Supreme Court of British Columbia to commence proceedings under the Companies’ Creditors Arrangement Act (CCAA). The terms and conditions of the restructuring plan have not yet been determined by the company.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that the company and certain of its subsidiaries have obtained an Initial Order from the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act (CCAA). The terms and conditions of the restructuring plan have not yet been determined by the company.
Richmond, BC – Catalyst Paper Corporation (TSX: CTL) advised today that at votes taken this weekend, one union local at the Crofton mill voted down a new labour agreement while the other union local voted to support a new labour agreement. Unanimous ratification of a new labour agreement by January 31, 2012 is a condition of the company’s recapitalization transaction announced on January 14, 2012.
Richmond, BC – Catalyst Paper Corporation (TSX: CTL) announced that it has gained additional support for the proposed recapitalization transaction and now has the support of holders of approximately 79.47% of the company’s 11% senior secured notes due 2016 (the Senior Secured Notes) and holders of approximately 54.96% of the company’s 7 3/8% senior notes due 2014 (the Senior Notes were issued under the company’s former name, Norske Skog Canada Limited).
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced that it has gained additional support for the proposed recapitalization transaction and now has the support of holders of approximately 69.8% of the company’s 11% senior secured notes due 2016 (the Senior Secured Notes) and holders of approximately 40.1% of the company’s 7 3/8% senior notes due 2014 (the Senior Notes were issued under the company’s former name, Norske Skog Canada Limited).
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announces, in accordance with an interim order from the British Columbia Superior Court (the Court) dated January 17, 2012, that a hearing (the Hearing) is scheduled to be held on February 3, 2012 with respect to its previously announced recapitalization transaction.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that it has applied for and received an initial court order under the Canada Business Corporations Act (CBCA) to commence the consensual restructuring process with its noteholders announced on January 14, 2012. Contrary to certain media reports this is not a bankruptcy proceeding.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that the company has entered into an agreement (the Agreement) for a recapitalization transaction that will result in a significantly reduced debt burden.
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