Fraser Papers restructuring won't help workers: Union votes 'no'

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 company.

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 million.

"Thousands of pensioners and workers have suffered brutal cuts as a result of the actions of Fraser and Brookfield," says CEP President Dave Coles

"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

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COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA

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