TORONTO, Dec. 9 /CNW Telbec/ - The president of Canada's largest forestry union will tell Fraser Papers tomorrow in Ontario Superior Court that its proposed restructuring plan to emerge from CCAA protection will not fly unless there is greater fairness for pensioners and workers.
Dave Coles, Communications, Energy and Paperworkers Union, will be available for media interviews at the Ontario Superior court:
Thursday December 10
8th Floor - 330 University Avenue, Toronto
12 Noon or adjournment, whichever comes first
"The restructuring plan proposed by the company takes care of Brookfield Capital and the investors, and it takes care of the Government of New Brunswick, but it expects pensioners and workers to accept brutal cuts to their pensions," said Coles.
"This plan requires the approval of the union, but there will have to be more fairness before this flies."
The restructuring plan that goes before the court tomorrow could see pensioners lose as much as 40% of their pensions.
"The situation at Fraser Papers shows the unjustness of Canada's pension and bankruptcy laws and why they must be changed," said Coles.
SOURCE Communications, Energy and Paperworkers Union of Canada
For further information: For further information: Dave Coles, (613) 299-5628