Catalyst Paper Corp., Richmond, B.C., Canada, this past week announced today that the Supreme Court of British Columbia has issued its final order approving the company's recapitalization and privatization pursuant to a plan of arrangement under the Canada Business Corporations Act.

Completion of the recapitalization is subject to customary closing conditions and, in the case of the privatization transaction, completion is subject to the receipt of discretionary exemptive orders from the Canadian securities regulatory authorities, allowing Catalyst to cease to be a "reporting issuer" under applicable Canadian securities laws. It is expected that the common shares of Catalyst will be delisted from the Toronto Stock Exchange on or prior to the closing of the arrangement.

Closing is expected to occur in the latter part of January 2017.

Further details regarding the arrangement are set out in the management information circular dated Dec. 14, 2016, which is available online under the profile of Catalyst.

Catalyst Paper produces diverse papers such as coated freesheet, coated one side (C1S), flexible and industrial packaging, coated and uncoated groundwood, newsprint, and directory, as well as market pulp. With five mills across North America, the company has an annual production capacity of 2.3 million metric tons.