TORONTO, Jan. 10 /CNW/ - The Communications, Energy and Paperworkers
Union and other major creditors of Fraser Papers today voted down the
proposed Plan of Arrangements to complete the CCAA restructuring of the
The plan sponsored by Brookfield Asset Management was rejected by the
pension plan creditors of the former Fraser Papers which together cast
$185 million against the plan out of a total of approved claims of $317
"Thousands of pensioners and workers have suffered brutal cuts as a
result of the actions of Fraser and Brookfield," says CEP President
"Brookfield's offer did not recognize the harm it has inflicted, and the
company sought in this plan to be relieved of any liability for
negligence or wrongdoing in these matters.
"In the interests of our retirees and members we said no to this plan."
SOURCE COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA
For further information:
Dave Coles, 613 299-5628