Catalyst Paper Extends Creditor Meetings Another Three Days
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Catalyst Paper, Richmond, B.C., Canada, has 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 of Canada. The meetings, previously scheduled for May 15 will now be held on May 18.
"We have been in ongoing discussions with creditors and other stakeholders regarding the proposed restructuring plan and a further extension of the meeting date will allow these discussions to progress. Together with our advisors, we are working non-stop to implement the consensual deal that will enable Catalyst to emerge from creditor protection on stronger financial footing and with a more viable enterprise overall," said Kevin J. Clarke, president and CEO.
The rescheduled meetings will be held at the same location (Delta Vancouver Airport Hotel, 3500 Cessna Dr., Richmond, B.C.) at 10:00 a.m. for unsecured creditors and 11:00 a.m. for the First Lien Noteholders.
It is anticipated that the court date to sanction and approve the plan of arrangement will be rescheduled to May 23.
Catalyst produces specialty mechanical printing papers, newsprint, and pulp, with a combined annual production capacity of 1.8 million metric tons. The company operates four mills located in British Columbia and in Arizona (USA).
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