Richmond, BC - Catalyst Paper Corporation (TSX:CTL)
announces, in accordance with an interim order from the
British Columbia Superior Court (the Court) dated January
17, 2012, that a hearing (the Hearing) is scheduled to be
held on February 3, 2012 with respect to its previously
announced recapitalization transaction. Full details of the
recapitalization agreement (the Agreement) and the
transaction will be provided in a management information
circular (the Circular) expected to be distributed to
shareholders, holders of its 11% senior secured notes due
2016 (the Senior Secured Notes) and holders of its 7 3/8%
senior notes due 2014 (Senior Notes and together with the
Senior Secured Notes, the Noteholders) in February
2012. At the Hearing, Catalyst Paper will apply for
the following orders and declarations:
. an order that the Circular of Catalyst
Paper be deemed to represent sufficient and adequate
disclosure, including for the purpose of section 192 of the
Canada Business Corporations Act (CBCA), and Catalyst Paper
shall not be required to send to Noteholders any other or
additional statement pursuant to section 192 of the
CBCA;
. an order approving a form of proxy that
Catalyst Paper is authorized to use in connection with the
Noteholders' meetings;
. an order approving January 27, 2012, or
such other date as disclosed by Catalyst Paper in a press
release, as the early consent date for the purposes of the
proposed arrangement and consideration allocated
thereunder;
. a declaration that a vote of the
holders of common shares in the capital of Catalyst Paper
is not required for court approval of the proposed
arrangement pursuant to section 192(4)(e) of the CBCA;
. an order that the votes cast in favour
of the arrangement at the Meeting shall, in the event of a
subsequent Companies' Creditors Arrangement Act (CCAA)
proceeding being commenced as a result of the petitioners
not obtaining the requisite votes at the Meeting or
obtaining the final order, in all respects be counted as
votes in favour of the recapitalization transaction in such
CCAA proceedings; and
. such further and other relief as
counsel for any petitioners may advise and the Court may
deem just.
Copies of the court documents are available on SEDAR
(). Investors who have questions about the
recapitalization may contact Nancy Turner of Perella
Weinberg Partners, the financial advisor for Catalyst
Paper, at 415-671-4550.
Implementation of the plan of arrangement under the CBCA is
subject to approval by not less than 66
1st Jan change | Capi. | |
---|---|---|
-7.34% | 18.36B | |
-5.99% | 12.31B | |
+3.57% | 10.44B | |
+1.81% | 6.52B | |
-2.06% | 4.57B | |
+15.05% | 3.9B | |
+8.57% | 2.99B | |
+75.29% | 2.86B | |
+17.78% | 1.85B |
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