Catalyst creditors will meet May 2 to consider restructuring

The potential fate of the Crofton pulp-and-paper mill has been set back to May 2.

The potential fate of the Crofton pulp-and-paper mill has been set back to May 2.

Catalyst Paper announced Tuesday that meetings of its secured and unsecured creditors, to consider a restructuring plan of arrangement under the Companies’ Creditors Arrangement Act, have been changed from April 23.

The rescheduled meetings happen at Richmond’s Delta Vancouver Airport Hotel, at 10 a.m. for unsecured creditors and 11 a.m. for the first lien noteholders.

The court date to sanction and approve a voted plan of arrangement has also been rescheduled to May 7, from April 25.

Those new dates were set to handle court-scheduling issues with the original dates.

The revised schedule also gives court monitor, PricewaterhouseCoopers Inc., and Catalyst more time to finish the accounting review and verification requirements tied to the creditor-claims process.

Claims must still be filed with the monitor by 5 p.m. on April 18.

Details about the plan of arrangement and the creditor meetings is in Catalyst Paper’s Notice of Meetings and Management Proxy Circular, filed on www.sedar.com.

The proceedings address Catalyst’s red ink that could affect Crofton’s 700-some union members, salaried staff, mill pensioners, and North Cowichan property owners facing more tax hikes if the mill folds.