Unsecured creditors of Metroland have approved an insolvency proposal by the Toronto Star’s sister company.
The creditors, including former employees, voted Monday at a meeting chaired by proposal trustee Jonathan Krieger, a partner at Grant Thornton, a restructuring and insolvency consultancy.
The proposal still needs court approval.
The company says it intends to pay former employees an amount equal to which they would receive under the Wage Earner Protection Program (WEPP), a federal program that covers a portion of wages, vacation pay and severance owed to employees in a bankruptcy or receivership, to a maximum of $8,278, which they refer to as the employee basket. Employees will also be paid a “preferred” amount for their pension…
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