Catalyst Paper unable to close agreement to sell Elk Falls site:
Catalyst Paper announced that the sale of its Elk Falls site in Campbell River, British Columbia to Pacifica Deep Sea Terminals Incorporated did not close and the sale agreement has been terminated. The sale of the 400 acre industrial site and adjacent properties was initially expected to close on September 5, 2012. A non-refundable prepayment of a portion of the purchase price was received and the transaction timeline was extended multiple times up to the ultimate deadline of December 18, 2012. “It’s disappointing that this transaction with Pacifica could not be completed even with the extended timeline. This is a fully serviced property in an excellent location and we remain confident that the right fit between site and buyer will be found that will bring new jobs and opportunities to Campbell River,” said Kevin J. Clarke, Catalyst President and Chief Executive Officer. “In the meantime, site personnel are maintaining safety, security and environmental requirements and complying with all applicable legislation.”
