A tentative deal was struck by AbitibiBowater and the Communication Energy and Paperworkers Union of Canada (CEP) that could lead the company further away from bankruptcy, says a union official.
A tentative deal was struck by AbitibiBowater and the Communication Energy and Paperworkers Union of Canada (CEP) that could lead the company further away from bankruptcy, says a union official.
The agreement, if ratified, could save the pension plan and could even pull the company out of CCAA protection.
“We have the best possible agreement given the precarious financial condition of the company,” said CEP president Dave Coles.
AbitibiBowater officials now have to meet with the provincial and federal government to determine regulatory changes around pension plan funding.
In a press release the union blasted the Conservative government for its lack of help for forestry workers.
“It is our members who had to make sacrifices to save the company from bankruptcy,” says Coles, stating the current government has abandoned them.
No date has been announced for the ratification meeting.
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