April 12, 2017
In September 2016, the Monitor filed a motion for directions with respect to several pension funding and priority issues (the “Pension Direction Motion“), including certain questions relating to the deemed trust under the Newfoundland and Labrador Pension Benefits Act, 1997 (the “NLPBA“). As we previously reported to you, we attended before the CCAA Court in Montreal and made submissions that the interpretation of the NLPBA deemed trust should be transferred to the Supreme Court of Newfoundland and Labrador for determination. In its January 30, 2017 decision, the CCAA Court denied our request.
In early March 2017, the Province of Newfoundland and Labrador announced that it will be bringing a Reference before the Newfoundland and Labrador Court of Appeal to interpret the deemed trust provisions in the NLPBA. On March 27, 2017, Newfoundland and Labrador officially confirmed the Reference and the questions to be posed to the Newfoundland and Labrador Court of Appeal. We anticipate that the Reference will be heard sometime in Fall 2017.
In the meantime, the Pension Direction Motion is scheduled to be heard by the CCAA Court on June 28 and 29, 2017. The CCAA Court, as well as the other parties, are aware of the Reference brought by the Newfoundland and Labrador Government. We are currently in discussions to finalize the timetable for submissions on the Pension Direction Motion and will advise further as more information is available.