Catalyst’s fate will have to wait

A decision on the fate of Port Alberni’s Catalyst Mill will have to wait just a little longer.

A decision on the fate of Port Alberni’s Catalyst Mill will have to wait just a little longer.

Catalyst officials announced a meeting of its secured and unsecured creditors, to consider a restructuring plan of arrangement under the Companies’ Creditors Arrangement Act, has been moved from April 23 to May 2.

The court date to sanction and approve a voted plan of arrangement has also been rescheduled from April 25 to May 7.

The company filed for creditor protection on Jan. 31, and decision about its future is being made on April 23 when the paper giant is sold, either through consensual or stalking horse processes.

The new meeting dates were set to handle court-scheduling issues with the original dates.

The schedule revision also gives court monitor, PricewaterhouseCoopers Inc., and Catalyst more time to finish the accounting review and verification requirements tied to the creditor-claims process.

Claims must still be filed with the monitor by 5 p.m. on April 18.

Details about the plan of arrangement and the creditor meetings is in Catalyst Paper’s Notice of Meetings and Management Proxy Circular, filed on www.sedar.com.

Catalyst employs 315 people and an additional 1,300 spinoff jobs in Alberni. It just had the best quarter in many years and gained market share in tough market. And it contributes $250 million to the local economy, company CEO Kevin Clarke said.

reporter@albernivalleynews.com

Just Posted

ARTS AROUND: See magic on the stage at the Capitol Theatre

Murray Hatfield and Teresa don’t just do magic—they are magic

ELECTION 2018: Ron Corbeil runs for Port Alberni city council

Corbeil wants to focus on the economy, livability and affordability

San Group adds third shift to its Port Alberni mill

The new shift will mean 40 to 50 more jobs

BCHL: Mackenzie Wight returns to Bulldogs lineup

Forward returns following a Memorial Cup run with WHL’s Swift Current Broncos

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

VIDEO: 41 years later, Saanich author publishes story he wrote at 6 years old

Troy Wilson originally created Captain Otter while Port Alberni Grade 1 student

MCFD, FPSSS restrict caregivers from smoking, growing cannabis around children-in-care

Ministry restricts cannabis use for caregivers, stating it may “pose a risk to children and youth.”

Cheaper strains sell out within minutes on online BC Cannabis Store

Province says new strains will become available in the coming months

Only 40% of B.C. car dealerships have electric cars available: report

Researchers found buyers frustrated at the lack of options

VIDEO: Millionaire Lottery returns to give back and win big

Since 1996, Millionaire Lottery has raised $52 million for the VGH+UBC Hospital Foundation

Test case challenges a politician’s right to block people from Twitter account

3 people say Watson infringed their constitutional right to freedom of expression by blocking them

‘A little odd’ B.C.’s biggest city celebrates cannabis without a legal store

On the streets of downtown Vancouver, notably the Wild West of illegal marijuana, not a single legal store opened Wednesday, making for a rather anticlimatic kick-off

BC Ferries begins taking debit in two-month pilot project

Company is giving customers option to use Interac on two-month trial on select vessels

Puff, puff, pass: Cannabis is officially legal across Canada

B.C. has only one bricks-and-mortar marijuana store

Most Read