<SEC-DOCUMENT>0000950103-16-013350.txt : 20160513
<SEC-HEADER>0000950103-16-013350.hdr.sgml : 20160513
<ACCEPTANCE-DATETIME>20160513164527
ACCESSION NUMBER: 0000950103-16-013350
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20160513
DATE AS OF CHANGE: 20160513
GROUP MEMBERS: JASON MUDRICK
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: CATALYST PAPER CORP
CENTRAL INDEX KEY: 0001144906
STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621]
IRS NUMBER: 980138030
STATE OF INCORPORATION: A1
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-79409
FILM NUMBER: 161649062
BUSINESS ADDRESS:
STREET 1: 2ND FLOOR
STREET 2: 3600 LYSANDER LANE
CITY: RICHMOND BC CANADA
STATE: A1
ZIP: V7B 1C3
BUSINESS PHONE: 604 247-4400
MAIL ADDRESS:
STREET 1: 2ND FLOOR
STREET 2: 3600 LYSANDER LANE
CITY: RICHMOND BC CANADA
STATE: A1
ZIP: V7B 1C3
FORMER COMPANY:
FORMER CONFORMED NAME: NORSKE SKOG CANADA LTD
DATE OF NAME CHANGE: 20010713
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: Mudrick Capital Management, L.P.
CENTRAL INDEX KEY: 0001655183
IRS NUMBER: 270367034
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 527 MADISON AVENUE, 6TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10022
BUSINESS PHONE: (646) 747 9500
MAIL ADDRESS:
STREET 1: 527 MADISON AVENUE, 6TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>dp65702_sc13da.htm
<DESCRIPTION>SCHEDULE 13D/A
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Washington, D.C. 20549</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="4" STYLE="text-align: center"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="4">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D<BR>
Under the Securities Exchange Act of 1934<BR>
(Amendment No. 1)*</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="4"> </TD></TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Catalyst Paper Corporation</B></FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Shares</B></FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"> </TD>
</TR>
<TR>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>14889B102</B></FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mudrick Capital Management,
L.P.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>527 Madison Avenue, 6<SUP>th
</SUP>Floor </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leor Landa, Esq.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk & Wardwell LLP</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10017</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (212) 450-4000</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>May 13, 2016 </B></FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event which Requires Filing of this Statement)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-l(f) or 240.13d-l(g), check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">☐</FONT></FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.	</FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"> </TD>
</TR>
<TR>
<TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</FONT></TD>
</TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<!-- Field: Page; Sequence: 1 -->
<DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"> </DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"> </DIV>
<!-- Field: /Page -->
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD>
<TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mudrick Capital Management, L.P. </B></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">☐ </FONT><FONT STYLE="font-size: 10pt">(b) </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>3</B>.</FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> </FONT></P></TD>
<TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; font-size: 12pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">SOURCE OF FUNDS</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">WC</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</FONT><BR>
<br>☐</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P></TD></TR>
<TR>
<TD ROWSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WITH</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,860,473</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B>.</FONT></TD>
<TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,860,473</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,860,473</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B>.</FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">☐ </P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></B></FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19.7% <SUP>(1)</SUP></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>14<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></B></FONT></TD>
<TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (See Instructions)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IA</P></TD></TR>
<TR>
<TD STYLE="font-size: 12pt; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD>
<TD STYLE="font-size: 12pt; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font-size: 12pt; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD>
<TD STYLE="font-size: 12pt; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD></TR>
<TR>
<TD STYLE="width: 15%; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD>
<TD STYLE="width: 3%; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD>
<TD STYLE="width: 2%; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD>
<TD STYLE="width: 70%; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD>
<TD STYLE="width: 10%; padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 7pt"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Percentage calculated based on 14,527,571 total outstanding
shares of the common stock of the Issuer.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<!-- Field: Page; Sequence: 2 -->
<DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"> </DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"> </DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jason Mudrick</B></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">☐ </FONT><FONT STYLE="font-size: 10pt">(b) </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>3</B>.</FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> </FONT></P></TD>
<TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; font-size: 12pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">SOURCE OF FUNDS</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">WC</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> <br>☐</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P></TD></TR>
<TR>
<TD ROWSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WITH</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P></TD>
<TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 12pt; text-align: center; width: 5%"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; width: 80%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD>
<TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,860,473</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B>.</FONT></TD>
<TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD>
<TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,860,473</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,860,473</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B>.</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">☐ </P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19.7% <SUP>(1)</SUP></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>14<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (See Instructions)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Percentage calculated based on 14,527,571 total outstanding
shares of the common stock of the Issuer. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<!-- Field: Page; Sequence: 3 -->
<DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"> </DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"> </DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
Amendment No. 1 amends the Schedule 13D originally filed on February 2, 2016, as amended (this
“<B>Schedule 13D</B>”), and is filed by Mudrick Capital Management, L.P., for and behalf of itself and Jason
Mudrick (together, the “<B>Reporting Persons</B>”) with respect to the shares of the common stock (the
“<B>Common Shares</B>”) of Catalyst Paper Corporation, a Canada corporation (the “<B>Company</B>”),
with principal executive offices at 3600 Lysander Lane, 2<SUP>nd</SUP> Floor, Richmond, British Colombia, Canada V7B
1C3.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: 18.7pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
4. Purpose of Transaction</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">The
second paragraph of Item 4 of the Schedule 13D is hereby amended and restated in its entirety as follows:<BR></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">The
Reporting Persons, Cyrus Capital Partners, L.P., as investment manager to certain of its managed funds, and certain funds
and entities managed or controlled by Oaktree Capital Management, L.P. (collectively referred to as the
“Parties”) are currently engaged in discussions with a third party concerning a potential material strategic
transaction involving the Company which could have one or more of the results specified in clauses (a) through (j) of Item 4
of Schedule 13D. However, there can be no assurance that such discussions will result in the consummation of any such
transaction. In the future, the Reporting Persons may engage in discussions with the Company’s board of
directors, the Company’s management, other shareholders of the Company, other debt holders of the Company, advisors,
knowledgeable industry or market observers, potential acquirors of the Company and other persons regarding strategic or
financing transactions involving the Company and/or the Company’s business, financial performance, operations,
governance, management capitalization, financial condition, prospects, strategy or future plans. The Reporting Persons may
exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting
Persons intend to continuously review their investment in the Company, and may in the future determine, subject to any legal
and contractual restrictions, (i) to acquire additional securities of the Company, through open market purchases, offerings,
private agreements or otherwise, (ii) to dispose of all or a portion of the securities of the Company owned by them, (iii)
engage in hedging or similar transactions involving securities relating to the Company (or its affiliates or subsidiaries) or
the Common Shares, or (iv) to take any other available course of action, which could involve one or more of the types of
transactions or have one or more of the results, as specified in clauses (a) through (j) of Item 4. Notwithstanding anything
contained herein, the Reporting Persons specifically reserve the right to change their intention with respect to any or all
of such matters. In reaching any decision as to its course of action (as well as to the specific elements thereof), the
Reporting Persons currently expect that they would take into consideration a variety of factors, including, but not limited
to, the following: the Company’s business and prospects; other developments concerning the Company and its business
generally; other business opportunities available to the Reporting Persons; concentration of positions in the portfolios
managed by the Reporting Persons; developments with respect to the business of the Reporting Persons; changes in law and
government regulations; general economic conditions and the conditions in the industries served by the Reporting Persons and
the Company, respectively; and money and stock market conditions, including the market price of the securities of the Company
(or its affiliates or subsidiaries); and the Reporting Persons’ contractual obligations with respect to the Common
Shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
5. Interest in Securities of the Issuer</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) The information set forth in the cover
pages of this Schedule 13D and Items 7, 8, 9, 10, and 11 is incorporated herein by reference.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) By virtue of the
relationships among the Reporting Persons described in Item 2 above, each of the Reporting Persons may be deemed to have the
shared power to direct the vote and the disposition of the Common Shares that may be deemed to be beneficially owned by each
of them. In addition, due to the nature of the discussions described in Item 4 of this statement, the Parties may be deemed
to be part of a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with each other. As a
result, the Parties may collectively be deemed to beneficially own the Common Shares beneficially owned by each Party
individually. Each of the Reporting Persons hereby expressly disclaim beneficial ownership of any Common Shares beneficially
owned by any of the other Parties or any other person, and does not affirm membership in a “group” (within the
meaning of Rule 13(d)-5 of the Exchange Act) with any of the other Parties or any other person, and this Schedule 13D shall
not be construed as acknowledging that any of the Parties, for any or all purposes, beneficially owns any Common Shares
beneficially owned by any of the other Parties or any other person or is a member of a group with any of the other Parties or
any other person. </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) Except as set forth herein, none of
the Reporting Persons has effected any transactions in the Common Shares during the past 60 days.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) No person is known to the Reporting
Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any
securities covered by this Schedule 13D.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e) Not applicable.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>
<!-- Field: Page; Sequence: 4 -->
<DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"> </DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"> </DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
6. Contracts, Arrangements, Understandings or Relationships with Respect to the Issuer.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">In
connection with the discussions described in Item 4 above, the Parties, which hold notes issued under the Indenture
(as defined below) intend to cause to be rendered effective a waiver under that certain Indenture, dated as of September 13,
2012 (the “Base Indenture”), by and among the Company, the Guarantors (as defined therein), Wilmington
Trust, National Association, as trustee, and Computershare Trust Company of Canada, as collateral trustee, as supplemented by
the First Supplemental Indenture, dated as of September 13, 2012 (the “First Supplemental Indenture”), the Second
Supplemental Indenture, dated as of September 13, 2012 (the “Second Supplemental Indenture”), the Third
Supplemental Indenture, dated as of March 20, 2014 (the “Third Supplemental Indenture”), the Fourth Supplemental
Indenture, dated as of January 7, 2015 (the “Fourth Supplemental Indenture,” and the Base Indenture, the First
Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental
Indenture, collectively, as the same may be further amended, supplemented or otherwise modified from time to time, the
“Indenture”)), pursuant to which the Parties intend to waive the Company’s obligation, under Section 10.13
of the First Supplemental Indenture, to make a “Change of Control Offer” (as defined in the Indenture) under
certain circumstances.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<!-- Field: Page; Sequence: 5 -->
<DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"> </DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"> </DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">	</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">MUDRICK CAPITAL MANAGEMENT, L.P.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">May 13, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">/s/ Trevor Wiessmann</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Signature)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">Trevor Wiessmann, General Counsel
& Chief Compliance Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name/Title)</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">	</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">JASON MUDRICK</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">May 13, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">/s/ Jason Mudrick</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Signature)</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><B> </B></P>
<!-- Field: Page; Sequence: 6; Options: Last -->
<DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"> </DIV>
<!-- Field: /Page -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>