Business News
Monday 08. June 2009

Domtar announces increase of Tender Cap to $400 million in tender offer for its 7.875% Notes due 2011

Domtar Corporation (NYSE/TSX: UFS) today announced that it had raised the tender cap from $250 million to $400 million (the “Tender Cap”), with respect to its previously announced tender offer for its outstanding 7.875% Notes due 2011 (CUSIP No. 257559AA2) (the “Notes”). As of the expiration of the early tender deadline at 5:00 p.m., New York City Time, on June 1, 2009, approximately $416 million aggregate principal amount of the Notes, representing approximately 77% of the outstanding Notes, had been validly tendered and not withdrawn.

Monday 08. June 2009

Catalyst takes legal action to challenge unreasonable taxation

Catalyst Paper has petitioned to the Supreme Court of British Columbia for judicial review of recently set property tax rates in North Cowichan, Port Alberni, Campbell River. The company intends to file a similar petition in Powell River on June 8, 2009. These are the four municipalities where its BC paper mills are located. It seeks declarations, under Section 262 of the Local Government Act, that the tax rates are unreasonable and therefore beyond the municipalities’ jurisdiction.
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