Catalyst Paper Identifies Bidder for Snowflake Mill Assets
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Catalyst Paper, Richmond, B.C., Canada, this week said that it has accepted a qualified stalking horse bid from MLR Ventures, LLC as part of the sales process for disposition of its Snowflake facility and Apache Railway. According to Kevin J. Clarke, president and CEO, Catalyst received a $12.0 million stalking horse bid for the assets and land associated with the Snowflake, Ariz., USA, facility and the equity of Apache Railway. "We look forward to beginning the next phase of the sale process and to identifying a qualified buyer in the near term," Clarke noted.
The bid by the stalking horse is subject to higher and better offers obtained through the U.S. court-approved sale and investor solicitation procedures. Catalyst expects to receive binding bids for the assets from qualified bidders on December 7, and expects to hold an auction among qualified bidders on December 17 in New York City, N.Y., USA. A hearing in the U.S. court is scheduled for December 19 to consider approval of the sale.
Catalyst Paper produces specialty mechanical printing papers, newsprint, and pulp. With three mills located in British Columbia, Catalyst has a combined annual production capacity of 1.5 million metric tons.
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