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Catalyst Paper Corporation files for CCAA protection in Canada

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PricewaterhouseCoopers LLP

On January 31, 2012, Catalyst Paper Corporation (Catalyst) filed for protection under the Companies’ Creditors Arrangement Act (CCAA) in the Supreme Court of British Columbia (the Court). Catalyst has significant secured indebtedness owing to note holders (approximately $500,000) and additional long-term indebtedness owing to unsecured bondholders (approximately $300,000). Additional unsecured indebtedness is in excess of $200,000. The DIP financing during this now 6 month old restructuring has been provided by JP Morgan. Currently this is one of the largest insolvency files in Canada and the Monitor has overcome a number of significant issues, including, amongst others, court ordered credit from reluctant critical suppliers, a detailed and complicated sales and solicitation program and the replacement of an unsuccessful plan of arrangement with one that has now received both court and creditor approval. Catalyst is a large pulp and paper producer with three pulp and paper mills located in BC and one in Arizona. PricewaterhouseCoopers (PwC) LLP, Canada, is a member firm of PricewaterhouseCoopers International Limited and is one of the “big four” accounting firms. Fasken Martineau was counsel to PricewaterhouseCoopers, with a team that included John Grieve (Insolvency & Restructuring), Kibben Jackson (Insolvency & Restructuring), Brent Lewis (Banking), Marcel Peerson (Insolvency & Restructuring),Vicki Tickle (Insolvency & Restructuring), Aubrey Kauffman (Insolvency & Restructuring), Stuart Brotman (Insolvency & Restructuring), Danielle Toigo (Insolvency & Restructuring) and Bill Duval and Clayton Jones (Labour).


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