31 January 2012
Catalyst paper files for creditor protection during restructuring
RICHMOND, BC—Catalyst Paper in Richmond, B.C. is filing for creditor protection while restructuring, but it will be business as usual through the process, according to the company. 

"The operations of Catalyst and its subsidiaries are intended to continue as usual and obligations to employees and suppliers during the restructuring process are expected to be met in the ordinary course," reads a release on the paper manufacturer's website.

Catalyst previously announced a consensual recapitalization transaction under the Canada Business Corporations Act, but since conditions [including a new union labour agreement] were not met by a deadline of Jan. 31, the recapitalization plan will not move forward. “Our debt restructuring objective remains clear and unchanged though our path forward was altered by recent setbacks,” said Catalyst president and chief executive officer, Kevin Clarke.

The release notes the terms and conditions of the restructuring plan have not yet been determined by the company.

Catalyst manufactures specialty printing papers, newsprint and pulp, and has four mills in British Columbia and Arizona.
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