Sunday, 25 March 2012

Update on last week`s conference call.

The following is Travis` update on what was said during the conference call with Kevin Clarke:

What was approved by the judge was:

1.A plan of arrangement for claims that are able to be put to creditors.
2.The Sip (Sales Investors Solicitation).

There will be a Creditors Meeting and vote on April 23rd.

May 15th is the projected emergence from CCAA.

The bondholders are planning to tour Crofton and Powell River on April 15th and 16th. Kevin Clarke is in Port Alberni on April 5th for a meeting with the city in morning and mill in the afternoon.

Ben Duster resigned from board last weekend. Transition to the new board will be Kevin Clarke and six others.

Kevin Clarke visited all CEO’s of our customers in the last 10 days and said the meetings went well.

In 10 days or so a profit sharing incentive plan will be showing up in the mills.

Kevin Clark will announce if the 2016s and 2014s come to a deal.

New debt will be 325 million of first lean notes and a 43 million dollar coupon note for interest. There will be a non recourse debt of 115 million and on top of that a 300 million dollar debt associated with all employees debts (bridging, top up, unfunded liabilities in other pension plans) to be paid over contract. In addition the DIP financing will be replaced by the Asset Based Loan which is quite often called the revolver.

They will not pay interest unless they have liquidity in the company of 95 to 100 million.

The 2016 and 2014/2016 crossovers are on board. Currently the 2014 are at about 25% approval of the new deal.

There was another fire in Powell River on March 22nd. They are expected to start up on the 24th.

If the SIP process goes through it will take approximately 73 days to emerge from CCAA.

If anymore wants clarification of this report contact Travis Goodyear at 724-5353.

Friday, 16 March 2012

Results of the Vote

Hi all

Voting is complete and ballots are counted.

Local 592 voted in favour of the Collective Agreement.

All the locals, including PPWC have voted in favour of the agreement

Thank you all for coming out to vote


Monday, 12 March 2012

Change in Meeting Time

Due to a scheduling conflict at the hall please note the change in time of the early Friday meeting:

The meetings on Friday will be at 12 NOON and 7pm.


Adam Currey

Sunday, 11 March 2012

Tentative deal reached.

Last night the Catalyst CEP local wage delegates reached a tentative agreement with the company. We will have special meetings FOR INFORMATION AND TO VOTE on Wednesday, March 14 at 2:00 pm and 7:00 pm and Friday, March 16 at 2:00 and 7:00 pm.If you wish to have time to think over the proposal you can attend one of the Wednesday meetings and vote on Friday.

As per current bylaws a paper copy of the proposal will be given to members at the meetings.

In Solidarity,

Adam Currey
Recording Secretary