Richmond, BC – Catalyst Paper today announced that it has amended its proposed Plan of Arrangement (the Plan) under the Companies’ Creditors Arrangement Act. The Plan as so amended (the Amended Plan) will be considered by Catalyst Paper’s secured and unsecured creditors at the meetings scheduled for May 23, 2012 (the Meetings).
Richmond, BC – Catalyst Paper today announced that the meetings of its secured and unsecured creditors to consider the plan of arrangement under the Companies’ Creditors Arrangement Act have been rescheduled to May 23, 2012. The meetings were previously scheduled for May 18, 2012.
Richmond, BC – Catalyst Paper today announced a three-day extension for the meetings of its secured and unsecured creditors to consider the plan of arrangement under the Companies’ Creditors Arrangement Act. The meetings, previously scheduled for May 15, 2012, will now be held on May 18, 2012.
Richmond, BC – Catalyst Paper announced today that the date for the meetings of its secured and unsecured creditors to consider the plan of arrangement under the Companies’ Creditors Arrangement Act has been changed from May 2, 2012 to May 15, 2012.
Richmond, BC – Catalyst Paper announced today that it has obtained an order from the Supreme Court of British Columbia extending its protection under the Companies’ Creditors Arrangement Act to June 30, 2012. This extension will provide the company with additional time to pursue restructuring alternatives including the previously announced plan of compromise and arrangement which is to be considered at creditors’ meetings to be held on May 2, 2012.
Richmond, BC – Catalyst Paper announced today that meetings of its secured and unsecured creditors to consider the plan of arrangement under the Companies’ Creditors Arrangement Act have been changed from April 23, 2012 to May 2, 2012.
The rescheduled meetings will be held at the same location (Delta Vancouver Airport Hotel, 3500 Cessna Drive, Richmond, BC) at 10:00 am for unsecured creditors and 11:00 am for the First Lien Noteholders.
The court date to sanction and approve the plan of arrangement has also been rescheduled from April 25, 2012 to May 7, 2012.
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.
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.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that its Board of Directors has elected Jeffrey Marshall as Chair of the Board to replace Benjamin Duster. Mr. Marshall is also the Chair of Ormet Corporation and serves on the Boards of Lakefield College School Foundation and Brand Energy and Infrastructure Services Inc. Mr. Marshall has been a Director of Catalyst since 2006. Mr. Duster will continue to serve as a valued member of the Board of Directors of the company.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) announced today that further to its press releases dated January 31, 2012, the company and certain of its subsidiaries obtained a further Order from the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act (CCAA).
The Order amends and restates the Initial Order the Court granted on January 31, 2012. The Order also approves advances under the debtor-in possession (DIP) financing of up to approximately $175 million, subject to certain terms and conditions, that the lenders have agreed to provide to Catalyst during the CCAA proceedings. The Order has been recognized under chapter 15 of title 11 of the US Code.
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) 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) 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.
Richmond, BC – Catalyst Paper (TSX:CTL) today announced the appointment of Brian Johnston, to the role of vice president, technical services. Most recently serving as vice president operations, this new assignment will leverage Mr. Johnston’s extensive industry background as the company intensifies its focus on manufacturing consistency and efficiency.
Port Alberni, BC – Catalyst Paper (TSX:CTL) is about to begin re-building the Robertson Creek Dam. Catalyst is undertaking this work in a strategic alliance with the Hupacasath First Nation. The dam is located in Hupacasath traditional territory, and the first nation has been actively engaged in long-standing efforts to advance the re-build project.
Richmond, BC – Catalyst Paper (TSX:CTL) has achieved Forest Stewardship Council (FSC) controlled wood and chain-of-custody certifications at its three Canadian manufacturing operations. Catalyst had already implemented FSC chain-of-custody at its recycle mill in Snowflake, Arizona, as well as Programme for the Endorsement of Forest Certification (PEFC) chain-of-custody at its Canadian operations.
Richmond, (BC) – Catalyst Paper (TSX:CTL) posted a net loss of $12.9 million ($0.03 per common share) on sales of $303.6 million in the first quarter of 2011, reflecting a post-holiday season plateau in paper markets. Sales revenues were negatively impacted by the above-par Canadian dollar; however a foreign exchange gain was recorded on the translation of U.S. dollar denominated debt. In the previous quarter, net earnings of $9.6 million ($0.02 per common share) were recorded on sales of $333.6 million.
Richmond, BC – Catalyst Paper (TSX:CTL) today announced that its Snowflake mill will curtail production by approximately 5,500 tonnes of recycled newsprint in order to adjust for limited availability of affordable, quality waste paper.
Richmond, (BC) – Catalyst Paper (TSX:CTL) posted a net loss of $396.9 million ($1.04 per common share) on sales of $1,228.6 million during 2010. Results were significantly impacted by one-time charges of $304.2 million, including severance and impairment, associated with the permanent closure of the Elk Falls paper mill and Paper Recycling Division. The company’s net loss in 2009 was $4.4 million ($0.01 per common share) on sales of $1,223.5 million.
Port Alberni, BC – Catalyst Paper (TSX:CTL) today announced $4.7 million in Federal funding approval for a capital upgrade at its Port Alberni mill. This will improve the efficiency and reliability of biomass-based energy generation, while further reducing greenhouse gas and other air emissions. The project is funded entirely by the Pulp and Paper Green Transformation Program (PPGTP) credits, earned through production of black liquor at the Crofton pulp operation in 2009.
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