Catalyst says this one will work
Catalyst Paper has a new plan it says will lower its debt load and allow it to maintain control of its mills around B.C.
In a release Wednesday, the company said its Board of Directors is “unanimously recommending” all noteholders vote in favour of the amended plan.
It includes increasing liquidity and restructuring shares to lower the over $800 million they owe creditors.
Some of the liquidity is coming from a land sale at Catalyst's operations in Powell River: Powell River Energy inc. and Powell River Energy Limited Partnership.
A key meeting and vote on the plan of arrangement has been postponed several times while the company and creditors continued to discuss how to restructure the company's debt. That vote now is scheduled for May 23.
The owner of the Crofton Pulp and Paper Mill has been under creditor protection since January.
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