Catalyst Paper Announces Successful Completion of Reorganization
Speaking on behalf of the former board, Chairman Jeffrey Marshall commended, “the dedication, contributions and unwavering support of Catalyst’s employees and management team, unions, customers, suppliers, retirees, and pensioners, as well as the support of the communities where its mills and other facilities are located. Without this commitment, coupled with the intensive and unyielding efforts of the company’s legal advisory team of Blake, Cassels & Graydon LLP; Skadden, Arps, Slate, Meagher & Flom LLP; Lawson Lundell LLP; and the financial advisory team of Perella Weinberg Partners, this result would not have been achieved.”
Marshall further noted, “the court-appointed Monitor, PricewaterhouseCoopers, also played a vital role in the achievement of this well-balanced result.”
Additional information regarding the Amended Plan and the company is contained on the Monitor’s website.
Catalyst Paper manufactures diverse specialty mechanical printing papers, newsprint and pulp. Its customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With four mills, located in British Columbia and Arizona, Catalyst has a combined annual production capacity of 1.8 million tonnes. Capacity will be 1.5 million tonnes upon closure of the mill in Snowflake, AZ effective September 30, 2012. The company is headquartered in Richmond, British Columbia, Canada and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.