Elk Falls Workers

Campbell River B.C.

Presidents Council

Update to Presidents Council…
On some of the financial blogs I have seen comments about a high level meeting being held between the Company and the Union along with much speculation as to the possible meanings behind it. I want to provide some explanation and possibly dispel some of the rumours floating around out there.
President’s Council was held Nov 26th. At Presidents Council, there are typically 1 or 2 people from each of the Locals. After that meeting several of the Locals felt that the nature of information given by the Company at the meeting warranted holding another larger meeting to allow all their wage delegates to hear the presentations 1st hand.
So at the Unions request, another meeting was held on Tuesday and the Company went through the same presentations for us.
We used the opportunity to get a lot more clarification on several of the issues they spoke about. There will be a full report at next Monday’s meeting! Ian

Presidents Council was held last week. The Company shared details of their proposed 2010 budget, as well as some details on the debt exchange/refinancing plan which was recently announced. It would be fair to say the Company is still totally focused on the cost side of the business. They have budgeted for Elk and half of Crofton’s pulpmill to be down for the year at this point. They seem to feel the paper markets will not improve until at least 2011. On the bond side they seem confident that it will work for them as it is existing bond holders swapping debt due in 2011 for debt due in 2016. This will also give them some cash to play with.
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December 1, 2009 Posted by | News | 23 Comments