Creditors Approve Catalyst Paper Restructuring Plan
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The sanction hearing under the CCAA process is scheduled to occur on June 28, 2012, in the Supreme Court of British Columbia and pending the BC Court approval, the confirmation hearing under the Chapter 15 process of the U.S. Court in Delaware is expected to take place in mid-July.
“We have received support from a majority of stakeholders since we began the reorganization process and today’s vote of support by creditors for the second amended plan of arrangement sets out a clear path forward,” said President and CEO Kevin J. Clarke. “With the cooperation of employees, vendors, customers, pensioners and investors, Catalyst has been able to make progress through a very complicated situation at an unprecedented swift pace.”
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