Resolute Updates Status of its Offer for Fibrek: AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), today announced that it filed an application with the Bureau de révision et décision (Québec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in the province, for an order to cease trade Fibrek Inc.'s (Fibrek, TSX: FBK) shareholder rights plan (the "tactical poison pill").
Wednesday, January 18, 2012
Catalyst Paper Recapitalization Plan
Catalyst Paper Corporation announced today that it has applied for and received an initial court order under the Canada Business Corporations Act (CBCA) to commence the consensual restructuring process with its noteholders announced on January 14, 2012.
Contrary to certain media reports this is not a bankruptcy proceeding.
The company is also seeking recognition of these proceedings with the US Court in order for the Canadian order under the CBCA to be recognized in the United States.
The company will continue to operate and satisfy its obligations to trade creditors, customers, employees and retirees in the ordinary course of business during this restructuring process.
NewPage Port Hawkesbury Requests Third Extension
NewPage Port Hawkesbury will ask the court for a third extension, until March 30, to their Stay Period under the Companies’ Creditors Arrangement Act (CCAA). The company requires the additional time to complete the proposed sale of the Nova Scotia mill to Pacific West Commercial Corp. The company will also inform the court that all of the officers of NewPage Port Hawkesbury, excepting Mill Manager Tor Suther and Controller Jacques Beaudoin, plan to resign to avoid a conflict of interest as they are also on the board of the parent company, NewPage Corp., of Ohio. The company is seeking approval from the court of the appointment of Peter Wedlake (of Green Hunt Wedlake Inc.) as Chief Restructuring Officer (CRO) of NewPage Port Hawkesbury after the resignations.
Two Potential Buyers for manroland
Two Potential manroland Suitors Identified: An earlier news item indicated an imminent decision was coming regarding the future of manroland and its assets relative to the ongoing insolvency proceedings.
A decision was to be coming today. The potential suitors have been identified by several reports to be U.S. venture capital firm Platinum Equity and Germany's Possehl, a conglomeration of more than 130 different companies.
A decision was to be coming today. The potential suitors have been identified by several reports to be U.S. venture capital firm Platinum Equity and Germany's Possehl, a conglomeration of more than 130 different companies.
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