RICHMOND, B.C. - Catalyst Paper has postponed meetings of its secured and unsecured creditors to vote on its restructuring plan to give the company more time to consider feedback from its trade and other creditors.
The meetings are now set for May 15 instead of an earlier plan for May 2.
"We are taking the additional time to work through a very complicated process and to ensure the many interests involved are fully considered," Catalyst president and chief executive Kevin Clarke said in a statement.
Catalyst filed for court protection from creditors under the Companies' Creditors Arrangement Act earlier this year after some workers and bondholders rejected a plan for restructuring its debt and cutting costs.
Last month, Catalyst reached cost-cutting labour agreements with unions representing more than 1,000 paper and pulp workers at three mills in British Columbia.
Catalyst said it expects annual savings of $18 million to $23 million under the five-year deals with workers at its Crofton, Port Alberni and Powell River mills.
Shares in the company were delisted from the Toronto Stock Exchange in March.
Catalyst produces specialty mechanical printing papers, newsprint and pulp. With four mills, located in British Columbia and Arizona, the company has a combined annual production capacity of 1.8 million tonnes.
