May 15 is the new restructuring meeting date for Crofton paper mill's parent firm

Crofton mill owner moves restructuring meeting to May 23

Catalyst Paper brass announces the third rebooking of the crucial meeting that could spell the fate of North Cowichan's biggest taxpayer

Crofton pulp-and-paper mill’s owners announced Friday that meetings of its secured and unsecured creditors, to consider the plan of arrangement under the Companies’ Creditors Arrangement Act,  have again been rescheduled to May 23.

Catalyst Paper’s restructuring huddles were previously set for May 18.

“Our discussions are continuing toward the possibility of amending the current plan of arrangement which would better enable Catalyst to emerge from creditor protection on a stronger financial footing,” said Catalyst’s CEO, Kevin J. Clarke.

“The additional time is intended to permit these discussions to be successfully completed.”

Crofton mill, that pays North Cowichan council $5.4 million in annual taxes, employs some 700 union and non-union workers.

The rescheduled meetings will happen at a new location, Richmond’s Westin Wall Centre, at the Vancouver Airport, 3099 Corvette Way.

Unsecured creditors meet at 10 a.m.; first lien noteholders gather at 11 a.m.

It was anticipated the court date to sanction and approve the plan of arrangement will be rescheduled to May 25.

Catalyst recorded a net loss of $25.6 million in the first quarter of 2012, the firm said, due primarily to the impact of restructuring and reorganization expenses of $27.6 million.

Before specific items, the net loss was $9.6 million. This compared with a net loss of $708.0 million and $41.7 million before specific items in the fourth quarter, which was impacted by significant impairment charges on Canadian operations and on Snowflake mill lands, restructuring costs and foreign exchange, Catalyst said.

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