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The Canadian Press - ONLINE EDITION
Insolvent Catalyst Paper to be delisted from Toronto Stock Exchange in March
The corporate logo of Catalyst Paper Corp. (TSX:CTL) is shown. THE CANADIAN PRESS/HO
RICHMOND, B.C. - The Toronto Stock Exchange says it has decided to delist insolvent pulp and paper producer Catalyst Paper Corp. (TSX:CTL), ending trading of its shares on the senior stock exchange.
The exchange operator said Wednesday it will remove Catalyst from listings at the close of trading on Mar. 8 "for failure to meet the continued listing requirements." The TSX already suspended trading of its shares at the beginning of the month.
Catalyst Paper has been going through a restructuring process under court protection from creditors. It has secured up to $175 million in debtor-in-possession financing from JP Morgan during the CCAA process.
Catalyst also received an initial order from the B.C. Supreme Court for creditor protection, expiring expiring Feb. 14. The period will be extended as the court sees fit, the Vancouver-area company said.
The filing comes after Catalyst failed to win support from enough of its lenders and from unionized workers at a mill in Crofton, B.C., who rejected contract concessions.
The company is also filing for Chapter 15 court protection in the U.S., a form that foreign companies operating in the U.S. employ when seeking protection from creditors.
Catalyst Paper manufactures diverse specialty mechanical printing papers, newsprint and pulp and sells to retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe.
The company has three mills in British Columbia and one in Arizona with a combined annual production capacity of 1.9 million tonnes.
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