Catalyst Paper has been given a second chance to avoid selling its three B.C. mills to the highest bidder after a B.C. Supreme Court justice ruled that the needs of communities, pensioners and employees should be weighed along with legal issues in a bitter restructuring battle among creditors over the fate of the coastal paper giant. In ruling Monday that Catalyst can hold a second vote of its creditors on June 25, Justice Robert Sewell noted that he was taking into account community matters. An initial vote held May 23 on a restructuring plan narrowly failed to get enough support, forcing the papermaker to embark on a plan to sell its mills to the highest bidder. Secured creditors supported the original plan. Some unsecured creditors fought it.
Wednesday, June 20, 2012
Catalyst Gets Second Chance To Restructure
http://www.vancouversun.com/business/Catalyst+gets+second+chance+restructure/6811035/story.html
Catalyst Paper has been given a second chance to avoid selling its three B.C. mills to the highest bidder after a B.C. Supreme Court justice ruled that the needs of communities, pensioners and employees should be weighed along with legal issues in a bitter restructuring battle among creditors over the fate of the coastal paper giant. In ruling Monday that Catalyst can hold a second vote of its creditors on June 25, Justice Robert Sewell noted that he was taking into account community matters. An initial vote held May 23 on a restructuring plan narrowly failed to get enough support, forcing the papermaker to embark on a plan to sell its mills to the highest bidder. Secured creditors supported the original plan. Some unsecured creditors fought it.
Catalyst Paper has been given a second chance to avoid selling its three B.C. mills to the highest bidder after a B.C. Supreme Court justice ruled that the needs of communities, pensioners and employees should be weighed along with legal issues in a bitter restructuring battle among creditors over the fate of the coastal paper giant. In ruling Monday that Catalyst can hold a second vote of its creditors on June 25, Justice Robert Sewell noted that he was taking into account community matters. An initial vote held May 23 on a restructuring plan narrowly failed to get enough support, forcing the papermaker to embark on a plan to sell its mills to the highest bidder. Secured creditors supported the original plan. Some unsecured creditors fought it.
