April 28, 2024

Catalyst restructuring deal heads to court

Another hurdle for thousands of Catalyst paper mill workers as a restructuring deal goes before a judge for final approval Thursday.
Communications, Energey and Paperworkers Union Local 76 President Roy Plotniko says union workers have rolled back wages and benefits to keep the mills alive.

“We are hoping a judge will approve the vote and then we will go on from there and if the judge approves the vote then we expect to be, hopefully, with a few more hurdles cleared out of CCAA some time in September.”

Last week a judge ordered shareholders to vote for a second time on a restructuring plan, a vote that passed with 99% approval.
Catalyst, which employs thousands of workers in Powell River, Port Alberni and Crofton, has been in creditor protection since January.

CKNW Vancouver News

Posts Related to this Article:

About The Reporter

The Reporter knows what's happening in and around Vancouver and the Lower Mainland. He reports the latest news (sometimes a bit biased) and other updates. Look to The Reporter for information about Vancouver news.