Catalyst Paper Corporation announced that the holders of its common shares and PIK Toggle Senior Secured Notes due 2017 have approved the statutory plan of arrangement relating to the Company's proposed recapitalization and privatization, all as further described in the management proxy circular of the Company dated December 14, 2016. At the special meeting of Shareholders held on January 17, 2017, the resolution authorizing the Recapitalization was approved by: (i) 99.1% of the votes cast by Shareholders present in person or represented by proxy, and (ii) 94.6% of the votes cast by Shareholders present in person or representing by proxy, excluding votes which may not be included in determining minority approval pursuant to the rules of the Toronto Stock Exchange and Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"). click Read More below for additional detail
Eleventh-hour negotiations have succeeded in keeping about 350 to 400 Resolute Forest Product forestry workers in Thunder Bay and Ignace on the job.
Bruce Frost, third vice-president business rep for the United Steelworkers Local 1-2010, on Monday said the union reached a deal with the company on a new contract, which workers overwhelmingly accepted.
“We sat down with the mediator and the company last Tuesday and we worked out a deal that was ratified by the crews in both Ignace and Thunder Bay on the weekend and it was accepted by 83 per cent,” Frost said.
“It’s a pretty good deal. It gives us back some of the stuff we conceded in previous agreements when Abitibi-Bowater was in trouble. So we’ve gained back some of those concessions, as well as an eight per cent wage increase over the term (of the contract).”
The deal is for four years.