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 Posté le: Mar Oct 01, 2013 6:22 am Sujet du message: Law report: A catalyst for change |
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{Law report: A catalyst for change}
David Adderley, vice-president, general counsel and corporate secretary, Catalyst Paper,[url=http://www.moncler-sale.org]discount moncler jackets[/url], helped the company turn around its fortunesBy Catrin HughesTue Jun 4,[url=http://www.moncler-sale.org]moncler outlet[/url], 2013 12:01am PSTDavid Adderley has helped steer Catalyst Paper through some rough years. In late 2011, the pulp and paper company began a major restructuring,[url=http://www.moncler-sale.org]moncler sale[/url], which saw it file for protection pursuant under the Companies' Creditors Arrangement Act (CCAA). Catalyst had to sell off several assets including its Snowflake mill in Arizona, its shares in Apache Railway,[url=http://www.moncler-sale.org]moncler down jackets[/url], which serviced the mill and its interests in Powell River Energy Inc.The company's troubles were brought on by unmanageable levels of debt and a fall in demand for newsprint in the U.S. It was to this backdrop that Adderley came to Catalyst in May 2010,[url=http://www.moncler-sale.org]moncler outlet[/url], and he would need every bit of his 32 years of experience to help guide the company through its toughest years to date.Catalyst Paper's restructuring was the largest financial restructuring in British Columbia in 2012. "It was an intense period," said Adderley. "But we accomplished a lot and it was a good team to work with."Adderley is the only in-house lawyer in the company. His legal team consisted of outside counsel from two Vancouver-based law firms,[url=http://www.moncler-sale.org]moncler on sale[/url], Blake, Cassels & Graydon and Lawson Lundell LLP, and U.S. law firm Skadden Arps.While managing the restructuring, he still had to deal with the day-to-day running of the business, and as he is vice-president, general counsel and corporate secretary rolled into one, this was no mean feat."One thing we concentrated on was keeping the business operating in a stable and functioning manner. We were concerned about our employees and making sure the business still operated," Adderley said.Throughout this difficult period, some job layoffs became inevitable – the sale of the Snowflake mill resulted in 300 losses in the U.S. However, in their B.C. mills (Crofton, Port Alberni and Powell River), no one was laid off."We've hired over 200 employees, and at no time did we lose any customers," said CEO Kevin Clarke. Most of the new recruits were to replace employees who had retired.As part of the CCAA, Adderley and his team compiled a plan of arrangement,[url=http://www.moncler-sale.org]discount moncler jackets[/url], which requires the company to put forward a plan that its creditors can vote on. It was rejected at first, but the second plan was accepted with an overwhelming majority. Once the plan was implemented, Catalyst could then make payments to its creditors. As part of that, the company had to enter into a new operating financing, which was in the $175 million range.Another issue that Adderley had to deal with was the large pension deficit. Together with Lawson Lundell LLP, Adderley and his team came up with some innovative modifications to help close the gap.The outlook for the company is now looking rosier. In January 2013 Catalyst re-enlisted on the Toronto Stock Exchange under the new stock symbol CYT,[url=http://www.moncler-sale.org]moncler sale[/url], and it has reduced its debt to a more manageable level.Adderley graduated from UBC in 1980. He then went on to work for Lawson Lundell for 21 years. After leaving the law firm he started his own private practice in law and consulting where he provided transaction management expertise and helped small companies with mergers and acquisitions. He is considered a forest industry specialist.Tags: law, Kevin Clarke,[url=http://www.moncler-sale.org]moncler on sale[/url], Lawson Lundell, Catalyst Paper Corporation, Lawson Lundell LLP, Toronto Stock Exchange,[url=http://www.moncler-sale.org]moncler down jackets[/url], forests, energy
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