Indian company looking to buy Catalyst Paper

An Indian papermaker and four shareholders of Catalyst Paper have expressed an interest in acquiring the B.C.-based papermaker.
Catalyst Paper announced May 23 that its board of directors had received a copy of an expression of intent from Kejriwal Group International and the four shareholders who hold or control approximately 79 per cent of its outstanding common shares.
About the potential acquisition
The expression of intent outlines terms for the potential acquisition, including an offer of $6 per share, except those held by the principal securityholders.
KGI would commit to equity investments on or after closing of $25 million in the company and $35 million in a newly formed guarantor of the new term loans entered into as part of the transaction.
A statement from Catalyst’s board of directors cautions that there is no assurance that any definitive proposal will be made or that any agreement will be executed and on what terms.
The four shareholders involved are Mudrick Capital Management, L.P., Cyrus Capital Partners, LP, Oaktree Capital Management, LP and Stonehill Capital Management LLC.