New Chapter 15 Filing: Catalyst Paper Corporation

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Catalyst Paper Corporation

  • 11/1/16 Recap: British Columbia-based paper manufacturer files Chapter 15 in support of a CBCA proceeding a mere four years after a previous CBCA/Chapter 15 restructuring to pursue a sale transaction with Kejriwal Group, an Indian paper manufacturer, and/or delever its balance sheet.
  • Jurisdiction: D. of Delaware, Canada
  • Capital Structure: $134mm CAD funded RCF, $15mm CAD funded TL, $260mm '17 senior secured PIK Toggle Notes.   
  • Company Professionals:
    • Legal: (Canadian counsel) Stikeman Elliott (Guy Martel, Jonathan McLean) & (US Counsel) Sidley Austin LLP (James Conlan, Dennis Twomey, Blair Warner, Allison Ross) & (local) Young Conaway (Edmon Morton, Ashley Jacobs, Matthew Lunn)
    • Financial Advisor: Houlihan
  • Other Parties in Interest:
    • Senior Secured Noteholders
      • Legal: Milbank Tweed (Abhilash Raval, Eric Reimer, Haig Maghakian) & (local) Richards Layton (Mark Collins, Michael Merchant, Andrew Dean)
    • Major Shareholders:
      • Mudrick Capital Management, Cyrus Capital Partners, Oaktree Capital Management, Stonehill Capital Management