Mar 21, 2013. /Lesprom Network/. Catalyst Paper has completed the sale of its approximately 50% interest in Powell River Energy Inc. and Powell River Energy Limited Partnership to Powell River Energy Trust, a Brookfield Renewable Energy affiliate, for $33 million, as the company said in a press release received by Lesprom Network. 

Approximately $12.7 million of the net proceeds of the sale will be distributed to certain unsecured creditors of Catalyst pursuant to its plan of arrangement under the Companies' Creditors Arrangement Act through the Monitor, Pricewaterhouse Coopers. The company will offer to purchase a portion of its Floating Rate Senior Secured Notes with the balance of the net proceeds.

Catalyst Paper manufactures diverse specialty mechanical printing papers, newsprint and pulp. With three mills, located in British Columbia, Catalyst has a combined annual production capacity of 1.5 million tonnes.