Catalyst to sell Arizona mill
Catalyst Paper announced that it has begun a sale process for its Snowflake mill and associated assets in accordance with the U.S. Court-approved sale and investor solicitation procedures (SISP).
The Snowflake facility is located in the foothills of the White Mountains in northeastern Arizona. The assets for sale under the sale process include the equipment and other assets associated with the paper mill, approximately 19,000 acres of land and The Apache Railway Company.
The steps and timeline for soliciting bids to purchase the Snowflake mill and associated assets will be implemented as follows:
(a) an initial offering summary and confidentiality agreement will be distributed to known potential bidders on September 17, 2012;
(b) potential bidders are to submit certain information and an executed confidentiality agreement not later than 5:00 p.m. (Vancouver time) on October 1, 2012;
(c) qualified bidders will be determined within three business days after such potential bidders have delivered their materials;
(d) qualified bidders are to submit a non-binding indication of interest not later than 5:00 p.m. (Vancouver time) on November 1, 2012 (the Phase 1 Bid Deadline);
(e) the non-binding indication of interest will be assessed within three business days after the Phase 1 Bid Deadline;
(f) once the non-binding indication of interest has been determined to likely be consummated, the bidder will submit a purchase bid or investment bid not later than 5:00 p.m. (Vancouver time) 30 calendar days from being advised by Catalyst to do so (the Phase 2 Bid Deadline);
(g) the purchase bid or investment bid will be assessed within the three business days following the Phase 2 Bid Deadline; and
(h) in the event that Catalyst determines there is more than one qualified purchase bid or investment bid, an auction will be conducted on a date and at a time and location to be advised by Catalyst to such qualified bidders.