Wabush Mines
May 19, 2024
On Friday, May 17, 2024, the Monitor issued the third and final distribution to all creditors, including retirees.
As per paragraph 7.5 of the Amended and Restated Joint Plan of Compromise and Arrangement, if, within six months of the final distribution date (May 17, 2024), any distribution to a former employee or retiree remains uncashed, is returned as undeliverable, or cannot be delivered to a former employee because they have not provided their Social Insurance Number, the claim in respect of that distribution will be forever barred against the Wabush/Bloom Lake CCAA parties without any compensation. The Monitor will pay any cash held in respect of those distributions to each of the Wabush Pension Plans. If these plans are wound up, the Monitor will donate the cash to a charity of the Monitor’s choice.
The Monitor and the Wabush/Bloom Lake CCAA parties will not attempt to locate any former employee or retiree whose distribution is not cashed within six months of the final distribution date (May 17, 2024). Our firm has made efforts to locate missing retirees and will continue to, so that they can be paid their distribution.
If you have an inquiry regarding the final distribution, please contact the Monitor at Wabush.HotLine@fticonsulting.com or Bloomlake@fticonsulting.com.
