The Supreme Court of British Columbia has approved a reorganization plan submitted by Catalyst Paper Corp. The company’s second amended plan under the Companies’ Creditors Arrangement Act received support from 99 percent of its creditors at a recent meeting, according to Catalyst.
Catalyst filed for bankruptcy protection Jan. 31, 2012. A confirmation hearing under the Chapter 15 process of the U.S. Bankruptcy Court for the District of Delaware is expected to occur in mid-July. Approval from both courts is required before the company can complete its reorganization.
Kevin Clarke, Catalyst president and CEO, said, “Today’s court order is a major milestone in our drive to emerge from creditor protection efficiently and quickly. We said from the outset that our objective was to put our company on stronger financial footing for the future and we are proceeding at a rapid pace to do just that. We’re in discussion now with lenders to secure the necessary exit financing and expect to complete the reorganization process in the near term.”
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