Catalyst files for protection

TORONTO / Newsprint and paper manufacturer Catalyst Paper said Tuesday it was filing for creditor protection within Canada to allow it to restructure its business and operations in an orderly manner.

Richmond, B.c.-based Catalyst is the latest in a series of paper producers to have succumbed to higher costs, increased competition from Asia and Europe, and falling demand as more advertisers and readers move online.

Earlier this month, Catalyst sought protection under Chapter 15 of the U.S. bankruptcy code, which grants a foreign company protection from creditors.

The company owns mills in British Columbia and in Arizona.