Date Closed

September 13, 2012

Lead Office

Toronto

Value

175.00 Million CAD

On September 13, 2012, Catalyst Paper Corporation completed its restructuring under the Companies’ Creditors Arrangement Act on September 13, 2012. As a result of the restructuring and related transactions, Catalyst Paper reduced its debt by C$390 million, eliminated $80 million of accrued interest and reduced annual interest expense and other cash costs by approximately C$70 million.

The restructuring was completed pursuant to the terms of a Restructuring and Support Agreement dated March 11, 2012, as amended, entered into between Catalyst Paper and certain holders of its C$390.4 million 11 per cent senior secured notes due December 15, 2016 (“First Lien Notes”) and its C$250 million 7% senior unsecured notes due March 1, 2014 (“Unsecured Notes”). The restructuring, which included more than 40 court appearances and extensive negotiation with various stakeholder groups, was approved at creditor meetings held on June 25, 2012. This approval followed certain amendments to the plan of arrangement which were made following creditor meetings held on May 23, 2012 which failed to provide the requisite creditor approval.

Catalyst Paper, headquartered in Richmond, British Columbia, is a paper manufacturer.

McCarthy Tétrault LLP represented Canadian Imperial Bank of Commerce (CIBC), the administrative agent, co-collateral agent, and lender, with a team led by Joel Scoler.