Fraser Papers, Brookfield meet union on pensions

TORONTO, Feb. 12 /CNW Telbec/ - Fraser Papers, Brookfield Asset Management, and the Government of New Brunswick have agreed to meet with the Communications, Energy and Paperworkers Union of Canada today at 10 am in Toronto.

The meeting follows an aggressive, public campaign by Canada's largest forestry union to pressure Fraser and its controlling shareholder, Brookfield, to negotiate a fair settlement for some 1,000 pensioners from paper mills in three provinces who could lose up to 40% of their pensions when Fraser Papers goes into bankruptcy. The company owes $171 million to its pension plans. Brookfield made $649 million in profits in 2008.

For further information: Dave Coles, President, [phone] (Cell); Gaétan Ménard, Secretary-Treasurer, [phone] ext. 265 or [phone] (Cell.)