Union Supports Tembec`s Recapitalization Plan
Dec 29, 2007 | In Labour Negotiations | 2 feedbacks »
The Communications, Energy and Paperworkers Union of Canada, who represents Tembec`s unionized workers, says it supports Tembec`s recapitalization plan to reduce net debt by about US$1.2 billion.
Tembec has said it expects to convert US$1.2 billion of debt into new equity and implement a new four-year term loan of $250 million to $300 million for additional liquidity by the end of February 2008.
The firm says the plan will slash annual interest costs by about $67 million.
Source: Union backs Tembec's recapitalization plan (TheStar)
2 comments
When a mill of 200 shuts down.. it probably is also 2000 other people in the town that will have to relocate.
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