Catalyst Paper accepts bid for Apache railway, Snowflake paper mill

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SNOWFLAKE, Ariz. – Catalyst Paper has accepted, subject to US Court approval, a binding bid from an acquisition vehicle organized by Hackman Capital and its affiliates to purchase the assets of the closed Snowflake paper mill and the shares of Apache Railway. The price for the assets is $13,460,000, plus other non-monetary consideration. The buyer intends to continue to operate the Apache Railway as a going concern, and the Town of Snowflake and various local interests support the transaction.

“We are pleased that this transaction has progressed efficiently and that the community’s interests have been considered through the process and in the successful bid,” said Catalyst President and CEO Kevin J. Clarke. “While paper manufacturing is part of Snowflake's past, this transaction puts the asset on a path to a new future that can continue to bring value to the region.”

The winning bid was made at the auction held on Dec. 17. The sale is expected be completed in the first quarter of 2013 and is subject to various closing conditions. A hearing in the U.S. Court is scheduled for Dec. 19 to consider approval of the sale.
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