Catalyst Paper is announcing a successful vote from its creditors on an amended financial restructuring plan that boosts the chances for the company to retain control of its mills on Vancouver Island.

The owner of the Crofton Pulp and Paper Mill said it received 99 per cent approval from secured and unsecured noteholders Monday in Richmond, B.C.

The successful vote comes just over a month after the initial plan of arrangement failed by less than 3 per cent of the required votes.

The vote still needs the approval of the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act (CCAA). That court proceeding is scheduled for June 28.  

More to follow.

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