Catalyst reorganizes
Catalyst Paper Corporation announced on September 13 that it has successfully completed its financial reorganization and emerged from creditor protection.
The company has been operating under the Companies’ Creditors Arrangement Act (CCAA) since January, to deal with over $800 million in debt.
In a statement, Catalyst said it has reduced its debt by $390 million, eliminated $80 million of accrued interest and reduced annual interest expense and other cash costs by approximately $70 million.
Kevin Clarke, president and CEO, said in the statement that the company was on stronger financial footing. “Many parties worked long and hard to resolve balance sheet and cash-flow issues constructively and quickly throughout the process,” he said.
Composting plan
Powell River Regional District directors are expected to vote on an action plan that would usher in the collection of organic materials.
The Composting Advisory Committee has recommended a seven-point plan that starts with discussions with the City of Powell River to begin residential collection of source-separated organics. If those discussions are successful, the plan calls for the regional district to issue a request for proposals to: purchase and distribute curbside collection bins; handle and haul organic material; and process organic materials at an existing composting facility, in order to obtain accurate volumes.
Directors are expected to vote on the recommendation at tonight’s (September 19) board meeting.
