October 19, 2018
As previously indicated, on Wednesday, September 5, 2018, cheques were mailed to employee and retiree creditors, as part of the first distribution from Wabush’s estate. These distributions were made to employee and retiree creditors due to amounts owed to them by Wabush Mines. The Monitor has confirmed the following:
- The total amount distributed to unsecured creditors was $11,592,173.60
- This resulted in employees and retirees receiving 7.3605% of their overall unsecured claims
The Monitor is hopeful that there will be sufficient funds to make additional distributions to the unsecured creditors of Wabush Mines, but we do not know whether such a distribution will occur or what the expected amount might be.
If you have any questions related to the cheque that you received, or if you believe that you were entitled to a distribution and have not received one yet, please contact our office.