Catalyst Paper Receives Stalking Horse Bid for Mill

RICHMOND, BC—Catalyst Paper announced that it has accepted a qualified stalking horse bid from MLR Ventures (the Stalking Horse) as part of the sales process for disposition of the Snowflake facility and Apache Railway.

“We have received a $12 million Stalking Horse bid for the assets and land associated with the Snowflake facility and the equity of Apache Railway,” said President and CEO Kevin Clarke. “We look forward to beginning the next phase of the sale process and to identifying a qualified buyer in the near term.”

The bid by the Stalking Horse is subject to higher and better offers obtained through the U.S. court-approved sale and investor solicitation procedures. Catalyst Paper expects to receive binding bids for the assets from qualified bidders on Dec. 7 and expects to hold an auction among qualified bidders on Dec. 17 in New York City. A hearing in the U.S. court is scheduled for Dec. 19 to consider approval of the sale.