A BC paper company has privatized its operations.

Catalyst Paper is now privately owned by 3 major shareholders: Oaktree Capital Management, Mudrick Capital Management, L.P. and Cyrus Capital Partners, LP.

Spokesperson Len Posyniak says the move sheds about $125 million in debt off the company’s books.

Posyniak says the move will free up some money and assist the company with its overall transformation plan. Catalyst owns 3 paper mills across the province, including one in Powell River.