More than 150 Fraser Papers workers protested the company's restructuring plan outside the legislative assembly yesterday.

The workers of are not happy with the announcement that the province of New Brunswick will take an equity stake in the company while their pensions are slashed.

"It's I think a bit perverse when the government of the day ends up being part-owners of the company, takes preferred shares in the company, while our members walk away with 60 per cent of their pension," said Ervan Cronk, a representative with the Communications, Energy and Paperworkers Union.

Because the equity stake is a preferred share the province is ahead of common shareholders if Fraser pays a dividend to investors or has to liquidate its assets.

Real Couturier, a retired Fraser Papers employee, was one of the people who expressed his frustration with how his pension could be drastically reduced under the restructuring plan.

"I'm going to lose 40 per cent of my pension, not five or 10 per cent. It's 40 per cent, almost 50 per cent," Couturier said.

About 700 other retirees and 300 current employees are in Couturier's position.

Source:
Fraser Papers workers protest restructuring plan (CBC)