On the blocks
Catalyst Paper Corporation announced it has published notice that it has received court approval for its sale and is asking for proposals from prospective buyers.
The company said it has postings in two major North American newspapers asking for proposals to acquire the assets and business or to invest in the company. It is asking interested parties to make their intentions known by today, June 6.
Catalyst has been in creditor protection under the Companies’ Creditors Arrangement Act since January. It failed to gain approval from 66.6 per cent of the principal amount of each creditor class for its amended plan of arrangement.
The company is now in a sales and solicitation process, which includes a stalking horse bid process that allows it to choose an interested buyer to make an initial bid, avoiding low bids on its assets. Once the first, or stalking horse bid, is made, other buyers can submit competing offers for its assets.
Wi-Fi on ferry
Ferry passengers heading to the Lower Mainland from Powell River can now access the Internet on the ship between Langdale and Horseshoe Bay.
BC Ferries announced that its free wireless Internet service is up and running on the ships servicing the Departure Bay-Horseshoe Bay and Langdale-Horseshoe Bay routes, as well as at those three terminals.
“Customers on these routes have requested Internet access and we are pleased to offer our passengers free Wi-Fi when they travel with us,” said Corrine Storey, BC Ferries’ vice-president of customer services.
