Catalyst Paper Obtains Extension to CCAA Protection
Catalyst Paper announced that it has obtained an order from the Supreme Court of British Columbia extending its protection under the Companies’ Creditors Arrangement Act (CCAA) 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.
“We have been working with all parties to complete our exit from CCAA in the most effective manner and continue to make progress,” said Kevin J. Clarke, president and CEO. “In the meantime, our production, sales and service team is fully focused on maintaining operational commitments with the same care and attention as always.”
The company’s debtor-in possession (DIP) financing continues to be available to the company and, combined with the company’s operating revenue, is expected to continue to provide sufficient liquidity to meeting ongoing obligations to employees and suppliers and ensure that normal operations continue during the restructuring process.
Catalyst Paper manufactures diverse specialty mechanical printing papers, newsprint and pulp.
Previously on abfjournal.com: