Catalyst Begins Sales Process for Snowflake Mill, Assets
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Catalyst Paper, Richmond, B.C., Canada, this week announced that it has begun a sale process for its Snowflake mill and associated assets in Arizona, USA, in accordance with the U.S. Court-approved sale and investor solicitation procedures (SISP). The Snowflake facility is located in the foothills of the White Mountains in northeastern Arizona. The assets for sale include the equipment and other properties associated with the paper mill, approximately 19,000 acres of land, and The Apache Railway Co.
The steps and timeline for soliciting bids to purchase the Snowflake mill and associated assets will be/are being implemented as follows:
- An initial offering summary and confidentiality agreement was distributed to known potential bidders this past Monday (September 17)
- Potential bidders are to submit certain information and an executed confidentiality agreement no later than 5:00 p.m. (Vancouver, B.C., time) on October 1
- Qualified bidders will be determined within three business days after such potential bidders have delivered their materials
- Qualified bidders are to submit a non-binding indication of interest no later than 5:00 p.m. (Vancouver time) on November 1 (the Phase 1 Bid Deadline)
- The non-binding indication of interest will be assessed within three business days after the Phase 1 Bid Deadline
- Once the non-binding indication of interest has been determined to likely be consummated, the bidder will submit a purchase bid or investment bid no later than 5:00 p.m. (Vancouver time) 30 calendar days from being advised by Catalyst to do so (the Phase 2 Bid Deadline)
- The purchase bid or investment bid will be assessed within the three business days following the Phase 2 Bid Deadline
- In the event that Catalyst determines there is more than one qualified purchase bid or investment bid, an auction will be conducted on a date and at a time and location to be advised by Catalyst to such qualified bidders.
Potential bidders who have questions about the recapitalization may contact Nancy Turner of Perella Weinberg Partners, the financial advisor for Catalyst Paper, at 415-671-4550.
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