Catalyst Reschedules Creditor Meetings to Consider Plan of Arrangement
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Catalyst Paper, Richmond, B.C., Canada, has again rescheduled meetings of its secured and unsecured creditors to consider the plan of arrangement under the Companies' Creditors Arrangement Act of Canada. The meetings have been rescheduled from May 18 to May 23.
"Our discussions are continuing towards the possibility of amending the current plan of arrangement that would better enable Catalyst to emerge from creditor protection on a stronger financial footing, said Kevin J. Clarke, president and CEO. "The additional time is intended to permit these discussions to be successfully completed."
The rescheduled meetings will be held at a new location, the Westin Wall Centre, Vancouver Airport, 3099 Corvette Way, 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 25.
Catalyst Paper produces specialty mechanical printing papers, newsprint, and pulp with four mills located in British Columbia and Arizona, USA. The company has a combined annual production capacity of 1.8 million metric tons.
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