Catalyst goes private
Catalyst Paper Cor-poration announced on Friday, January 27, that is no longer a publicly traded company.
The paper company, which owns three mills in BC, including one in Powell River, is no longer listed on the stock exchange and is now privately owned by three major shareholders: Oaktree Capital Management, Mudrick Capital Management, LP, and Cyrus Capital Partners, LP.
The move allows the company to erase $125 million in debt from company books and gives the three shareholders common shares and a $141-million secured term loan.
Catalyst owns two other BC paper mills in Crofton and Port Alberni, as well as mills in the United States. The company employs more than 1,500 workers in the province.
The switch to a private company comes after an acquisition by Indian company Kejriwal Group International fell through last year. Catalyst faced bankruptcy in 2012.
Ferry restrictions
BC Ferries’ plan to keep passengers from staying inside vehicles parked on enclosed decks is taking longer than expected.
BC Ferries spokesperson Deborah Marshall said the ferry corporation is still working with Transport Canada on the details of the regulatory change and expects to make the announcement in the coming weeks.
Under the new regulations, passengers on upper open decks will still be permitted to remain inside their cars.
BC Ferries is also working on establishing a smoking ban on all vessels.
