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Catalyst Paper cancels Elk Falls sale to Pacifica

2012-12-19 21:24 ET - News Release

Mr. Brian Baarda reports

CATALYST PAPER AND PACIFICA DEEP SEA TERMINALS INC. UNABLE TO CLOSE AGREEMENT ON SALE OF ELK FALLS SITE

Catalyst Paper Corp. did not close the sale of its Elk Falls site in Campbell River to Pacifica Deep Sea Terminals Inc., and the sale agreement has been terminated. The sale of the 400-acre industrial site and adjacent properties was initially expected to close on Sept. 5, 2012. A non-refundable prepayment of a portion of the purchase price was received, and the transaction timeline was extended multiple times up to the ultimate deadline of Dec. 18, 2012.

"It's disappointing that this transaction with Pacifica could not be completed even with the extended timeline. This is a fully serviced property in an excellent location, and we remain confident that the right fit between site and buyer will be found that will bring new jobs and opportunities to Campbell River," said Kevin J. Clarke, Catalyst president and chief executive officer. "In the meantime, site personnel are maintaining safety, security and environmental requirements and complying with all applicable legislation."

The former pulp and paper site was indefinitely curtailed in 2009 and closed permanently in 2010. It has since been decommissioned with removal of chemicals, process wastes and key papermaking equipment. The landfills remain intact as does the waste water system, which continues to operate in preparation for the site's redevelopment to other industrial uses. The Elk Falls mill began operation in 1952 and, at its peak, produced 784,000 tonnes of pulp, paper and kraft paper annually.

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