May 31, 2012 (Press Release) - Catalyst Paper Corporation advises that under order of the Supreme Court of British Columbia authorizing procedures for a sale and investor solicitation process, the following notice was published today in The Globe & Mail and The Wall Street Journal:
TAKE NOTICE THAT pursuant to certain Court Orders of the Supreme Court of British Columbia (the "Court") in respect of Catalyst Paper Corporation and related entities (collectively "Catalyst Paper") in the matter of the Companies' Creditors Arrangement Act, the Canada Business Corporations Act, and the British Columbia Business Corporations Act, Catalyst Paper obtained Court approval to conduct a sale and investor solicitation process (the "SISP"). Pursuant to the SISP, Catalyst Paper, with the assistance of its financial advisor Perella Weinberg Partners LP ("Perella"), is soliciting proposals from prospective strategic and financial parties to acquire the property, assets and business of, or to invest in, Catalyst Paper.
Catalyst Paper manufactures diverse specialty mechanical printing papers, newsprint and pulp. Its customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With four mills, located in British Columbia and Arizona, Catalyst Paper has a combined annual production capacity of 1.8 million tonnes. Catalyst Paper is headquartered in Richmond, British Columbia, Canada and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.
The SISP contains certain timelines that are required to be met including a requirement that parties who are interested in participating deliver certain information and take certain steps no later than June 6, 2012.
Interested parties should make inquiries as soon as possible and can obtain additional information by contacting:
Nancy Turner, Managing Director
PERELLA WEINBERG PARTNERS
One California Street, Suite 2250
San Francisco, CA 94111
The Court appointed PricewaterhouseCoopers Inc. as the Monitor (the "Monitor") of Catalyst Paper. A copy of the Court Order approving the SISP, as well as a copy of the SISP and related documents, can be found on the Monitor's website at the following link: www.pwc.com/car-catalystpaper