Creditors Approve Catalyst Paper Restructuring Plan
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In a related proceeding, Catalyst received BC Court approval to extend the period of CCAA protection to Sept. 30, 2012.
Catalyst also received confirmation of regulatory approval by provincial government Order in Council of its proposed modifications to its salaried pension plan to provide for a special portability election option and solvency funding relief. The amendments required provincial government approval. The company estimates that it will save some $7 million annually with implementation of these modifications following a successful plan of arrangement.
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