“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.