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