Publicly traded Catalyst Paper goes private
By P&PC Staff
By P&PC Staff
Jan. 30, 2017 – Catalyst Paper Corp. has announced it is no longer a publicly traded company.
The common shares of Catalyst were delisted from the Toronto Stock Exchange (TSX), and following recapitalization, the company is now privately owned by three major shareholders: Oaktree Capital Management, Mudrick Capital Management, LP. and Cyrus Capital Partners, LP.
According to the company, the move improves its financial strength and reduces its financing risk by wiping out Catalyst’s US$125-million debt without “adversely impacting” trade vendors and other suppliers.
Catalyst has also obtained an order from the British Columbia Securities Commission confirming that, upon the effectiveness of the recapitalization and the privatization transaction, Catalyst ceased to be a reporting issuer in each of the provinces of Canada under applicable Canadian securities laws.
Catalyst Paper manufactures diverse papers such as coated freesheet, coated one side (C1S), flexible and industrial packaging, coated and uncoated groundwood, newsprint, directory, as well as market pulp. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes and is headquartered in Richmond, B.C.
SOURCE Catalyst Paper Corp.