Employees, suppliers and customers will have to wait a few extra days before finding out the fate of B.C. papermaker Catalyst Paper. Meetings of the secured and unsecured creditors to consider the plan of arrangement for Catalyst Paper under…
Employees, suppliers and customers will have to wait a few extra days before finding out the fate of B.C. papermaker Catalyst Paper. Meetings of the secured and unsecured creditors to consider the plan of arrangement for Catalyst Paper under the Companies’ Creditors Arrangement Act have been changed from April 23, 2012 to May 2, 2012.
The court date to sanction and approve the plan of arrangement has also been rescheduled from April 25, 2012 to May 7, 2012.
The new dates were set to accommodate court scheduling issues with the original dates. The revised schedule will also provide court monitor, PricewaterhouseCoopers Inc., and Catalyst additional time to complete the accounting review and verification requirements associated with the creditor claims process.
With four mills located in British Columbia and Arizona, Catalyst has a combined annual production capacity of 1.8 million tonnes. The company is undergoing voluntary restructuring, but has stated that if an agreement is not reached with creditors, its mills will be sold.
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