Cyrus Group of Funds updates report on holdings of Common Shares of Catalyst Paper Corporation

Cyrus Group of Funds updates report on holdings of Common Shares of Catalyst 
Paper Corporation 
TORONTO, Feb. 4, 2013 /CNW/ - Cyrus Capital Partners, L.P. ("CCP") today 
announced that during the period of January 15, 2013 through January 31, 2013, 
CCP acquired indirect control over an additional 911,839 common shares 
("Common Shares") of Catalyst Paper Corporation ("Catalyst Paper") of which 
617,931 were acquired 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 317,497 Common Shares, CRS Master 
Fund LP ("CRS") acquired 142,847 Common Shares and Crescent 1 LP ("CRES") 
acquired 157,857 Common Shares of Catalyst Paper from a third party at a price 
of CDN$1.75 per Common Share. The remaining 293,908 Common Shares were 
acquired on the public market by CMF II (56,714 Common Shares at CDN$1.55, 
29,480 Common Shares at CDN$1.55, 823 Common Shares at CDN$ 1.77 and 5,582 
Common Shares at CDN$1.75), CRS (74,537 Common Shares at CDN$1.55, 21,307 
Common Shares at CDN$1.55, 270 Common Shares at CDN$ 1.77 and 1,835 Common 
Shares at CDN$1.75) and CRES (76,757 Common Shares at CDN$1.55, 24,213 Common 
Shares at CDN$1.55, 307 Common Shares at CDN$ 1.77 and 2,083 Common Shares at 
CDN$1.75) (the "Public Purchases"). 
On January 16, 2013, Cyrus Select Opportunities Master Fund Ltd. ("CSOM") 
disposed of 867 Common Shares and Cyrus Select Opportunities Fund LP ("CSOP") 
disposed of 19,133 Common Shares at a price of CDN$1.593 (the "January 16 
Sales"). On January 17, 2013, CMF II disposed of 13,400 Common Shares and 
CSOM disposed of 11,600 Common Shares at a price of CDN$1.7757 (together with 
the January 16 Sales, the "Public Sales"). 
Following completion of the Private Purchase, Public Purchases and Public 
Sales, CCP now exercises indirect control over an aggregate of 3,621,362 
Common Shares, or approximately 24.93% of the issued and outstanding Common 
Shares. Ownership of the 3,621,362 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 2,754,523 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, Public Purchases and Public Sales: 
 Fund  Number of Common Percentage of Outstanding 
     Shares Held       Common Shares Held 
CMF II      1,755,694                 12.09% 
CSOM         341,056                   2.35% 
CLP II       172,205                   1.18% 
CRES         719,366                   4.95% 
CRS          240,796                   1.66% 
CYRF         392,245                   2.70% 
Total       3,621,362                 24.93% 
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 January 17, 2013, as confirmed by 
Catalyst Paper to CCP. 
Other Information 
CCP acquired indirect control over, and CMF II, CRS, CRES 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 in this news release 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. 
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 
SOURCE: Cyrus Capital Partners, L.P. 
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CO: Cyrus Capital Partners, L.P.
ST: Ontario
-0- Feb/04/2013 20:03 GMT
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