Fraser Pensioners await NB decision

FREDERICTON, Nov. 17 /CNW Telbec/ - New Brunswick has a "moral responsibility" to protect retirees of Fraser Papers, the Communications, Energy and Paperworkers Union said today in meetings with New Brunswick officials in Fredericton.

CEP National President Dave Coles and NB officers Ervan Cronk and Pat Roy, and Edmundston staff representative Jean Clavette, met this morning with NB Deputy Minister of Strategic Priorities Doug Taylor to discuss the crisis facing Fraser Pensioners.

"The moral responsibility is to protect pensioners who stand to lose up to 40% of their modest pensions when this company goes into bankruptcy," said Coles. "This is unconscionable when the Government of New Brunswick is a secured creditor with $35 million of assets in Fraser Papers."

Coles and the CEP proposed to the NB government that a "pension trust" be established to protect retiree incomes and prevent a wind up of the plans.

"We had a very constructive meeting today and we expect to get a response from the New Brunswick government very soon," said Coles. "There is very little time because the proposed restructuring of the company and cuts to pensions could be before the courts in just two weeks from now."

SOURCE Communications, Energy and Paperworkers Union of Canada

For further information: For further information: Dave Coles, (613) 299-5628; Ervan Cronk, (506) 434-3488; Pat Roy, (506) 850-0606 (pour commentaires en français)

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Communications, Energy and Paperworkers Union of Canada

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