Dec 052012

Catalyst Paper has announced that it has accepted a qualified stalking horse bid, which is an attempt to test the market value of assets in advance of an auction, from MLR Ventures, LLC as part of the sales process for disposition of the Snowflake facility and Apache Railway.
“We have received a $12 million stalking horse bid for the assets and land associated with the Snowflake facility and the equity of Apache Railway,” said President and Chief Executive Officer Kevin J. Clarke. “We look forward to beginning the next phase of the sale process and to identifying a qualified buyer in the near term.”
The bid is subject to higher and better offers obtained through the U.S. Court-approved sale and investor solicitation procedures. Catalyst Paper expects to receive binding bids for the assets from qualified bidders on Friday, Dec. 7, and expects to hold an auction among qualified bidders on Monday, Dec. 17, in New York City. A hearing in the US Court is scheduled on Wednesday, Dec. 19, to consider approval of the sale.