Fraser Papers, Brookfield meet union on pensions

TORONTO , Feb. 12 /CNW Telbec/ - Fraser Papers, Brookfield Asset Management, and the Government of New Brunswick have agreed to meet with the Communications, Energy and Paperworkers Union of Canada today at 10 am in Toronto .

The meeting follows an aggressive, public campaign by Canada's largest forestry union to pressure Fraser and its controlling shareholder, Brookfield, to negotiate a fair settlement for some 1,000 pensioners from paper mills in three provinces who could lose up to 40% of their pensions when Fraser Papers goes into bankruptcy. The company owes $171 million to its pension plans. Brookfield made $649 million in profits in 2008.

For further information: Dave Coles, President, [phone] (Cell); Gaétan Ménard, Secretary-Treasurer, [phone] ext. 265 or [phone] (Cell.)