Richmond’s Catalyst Paper Corp. (formerly TSX:CTL, now TSX:CYT) announced this morning that it has received final approval for listing its new class of common shares on the Toronto Stock Exchange.
The announcement is good news for the embattled pulp and paper company, which in 2012 was forced to file for creditor protection, reorganize, cut workers' pay and sell and close a number of mills.
The creation of the new class of shares is part of its reorganization under the Companies’ Creditors Arrangement Act (CCAA) that was completed September 13, 2012. As part of the plan of arrangements for this reorganization, the company’s TSX listing under stock symbol CTL was cancelled on that date.
The company’s stock will begin trading under CYT as of January 7.
All common shares that were traded under CTL were cancelled pursuant to the reorganization, for no consideration, and will not be relisted on the TSX.
In addition to its new class of shares, the company has announced a small shareholder selling program (SSSP) that gives shareholders of record as of yesterday’s date with 99 or fewer shares the opportunity to sell all of these shares without incurring commission charges.
The SSSP will begin on January 7 and will expire February 28.
