Crofton workers continue negotiations with Catalyst Paper
Crofton Pulp and Paper workers are still working on a new contract with their employer, Catalyst Paper.
At the same time, Catalyst Paper is trying to put together a restructuring deal to lower its company’s debt load before January 31.
The unionized workers at Catalyst Paper’s mills on Vancouver Island need to ratify a new collective agreement before the courts will approve a restructuring plan for Catalyst Paper.
Catalyst Paper’s current restructuring proposal would give investors or noteholders more equity in the company and requires two-thirds of them to approve the debt restructuring by the end of the month.
Catalyst Paper President Kevin Clarke held ‘information sessions’ this week with union employees to discuss the specifics of the restructuring plan.
Catalyst Paper’s Port Alberni and Powell River mill workers have reportedly voted in favour of the proposed agreement.
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