September 8, 2018
On Wednesday, September 5, 2018, the Monitor in the CCAA proceedings mailed cheques to employee creditors, as part of the Initial Distribution of the CCAA Plan of Compromise and Arrangement in respect of any employee claims or terminated health and life insurance benefit (“OPEB”) claims.
If you had a claim for termination of employment at Wabush Mines or a claim for loss of post-employment benefits, then you should be receiving a cheque from the Monitor in the next few days.
If you believe you are entitled to distributions for any employee or OPEB claims and did not receive a cheque by September 14, 2018, please contact our office.
Under the CCAA Plan of Compromise, the Salaried Plan will also receive $18 million, which will improve the funded status of the pension plan. This payment will be sent directly to the pension plan administrator and reflected in your monthly pension amounts. An adjustment is also expected to be made for pension benefits paid at a different percentage from the final funded percentage. You will not receive a cheque for pension entitlements at this time. We are currently in discussions with the pension plan administrator to consider various options that would maximize the benefit of the expected increase in monthly pensions. We expect payments and/or adjustments to be made to the pension plan sometime in the late fall.