Cyrus Group of Funds updates report on holdings of common shares of Catalyst Paper Corporation

TORONTO, June 27, 2013 /CNW/ - Cyrus Capital Partners, L.P. ("CCP") today announced that on June 26, 2013, CCP acquired indirect control over an additional 519,700 common shares ("Common Shares") of Catalyst Paper Corporation ("Catalyst Paper") as a result of completion of a private purchase transaction (the "Private Purchase") pursuant to which Cyrus Opportunities Master Fund II, Ltd. ("CMF II") acquired 337,262 Common Shares, CRS Master Fund LP ("CRS") acquired 70,940 Common Shares, Crescent 1 LP ("CRES") acquired 88,141 Common Shares and Cyrus Select Opportunities Master Fund Ltd. ("CSOM") acquired 23,357 Common Shares from a third party at a price of CDN$1.00 per Common Share.

Following completion of the Private Purchase, CCP now exercises indirect control over an aggregate of 4,141,062 Common Shares, or approximately 28.50% of the issued and outstanding Common Shares.  Ownership of the 4,141,062 Common Shares over which CCP exercises indirect control is collectively held by CMF II, CRES, CRS, CSOM and other funds managed by CCP, including Cyrus Opportunities Fund II, L.P. ("CLP II") and CYR Fund, L.P. ("CYRF" and, collectively with CMF II, CRES, CRS, CSOM, and CLP II, the "Funds").  CCP previously exercised indirect control over an aggregate of 3,621,632 Common Shares.  The table below sets forth the number and percentage amount of outstanding Common Shares owned by each of the Funds after giving effect to the Private Purchase:

Fund Number of Common
Shares Held
Percentage of Outstanding
Common Shares Held
CMF II 2,092,956 14.41%
CSOM 364,413 2.51%
CLP II 172,205 1.18%
CRES 807,507 5.56%
CRS 311,736 2.14%
CYRF 392,245 2.70%
Total 4,141,062 28.50%

CCP is the investment manager of each of the Funds and exercises sole discretion over all investments decisions made by each of them.

For purposes of calculating the percentages of Common Shares owned by the Funds and indirectly controlled by CCP, CCP has assumed that there were 14,527,571 Common Shares outstanding at May 6, 2013, as disclosed by Catalyst Paper in its Management's Discussion and Analysis for the quarter ended March 31, 2013, as filed on SEDAR on May 6, 2013.

Other Information

CCP acquired indirect control over, and CMF II, CRS, CRES, CSOM and the other Funds acquired ownership of, the Common Shares that are the subject of this release for investment purposes.

In connection with the investment by the Funds in the Common Shares, CCP may engage in communications with members of management and the board of directors of Catalyst Paper, other current or prospective shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors with respect to Catalyst Paper.  CCP intends to review the Funds' investment in Catalyst Paper on a continuing basis.  Depending on various factors including, without limitation, Catalyst Paper's financial position, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, CCP's or the Funds' business or financial condition and other factors and conditions CCP deems appropriate, the Funds may in the future take such actions with respect to their investment in Catalyst Paper as CCP deems appropriate including, without limitation, seeking board representation, making proposals to Catalyst Paper concerning changes to the capitalization, ownership structure or operations of Catalyst Paper, acquiring additional Common Shares, and/or selling or otherwise disposing of some or all of their Common Shares.  In addition, CCP may formulate other purposes, plans or proposals regarding Catalyst Paper or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to above.

Neither the issuance of this news release in connection with the matters disclosed herein nor the anticipated filing by CCP of the corresponding "early warning" report required to be filed in accordance with applicable Canadian securities laws is an admission that an entity named or otherwise referred to in this news release owns or controls any described securities or is a joint actor with another entity named or otherwise referred to in this news release.

CCP's address and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the "early warning" report required to be filed in accordance with applicable Canadian securities laws, contact CCP at the address specified below.


SOURCE: Cyrus Capital Partners, L.P.

For further information:

Cyrus Capital Partners, L.P.
399 Park Avenue, 39th Floor
New York, NY  10022
United States of America

Attn: David A. Milich, Chief Operating Officer
Tel: (212) 380-5800

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Cyrus Capital Partners, L.P.

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