A group of former employees of Co-op Atlantic have lost a battle over a 32-per-cent cut in their pensions after a judge ruled Monday they could not have their lawyer recognized in the case as the first step toward reopening negotiations in the companys insolvency.
The non-unionized former employees of the Moncton-based co-operative asked for standing to become a recognized group in the wind-up, allowing them to launch new talks with creditors to try to improve a settlement deal approved in April.
Co-op Atlantic, which previously operated an array of retail and wholesale businesses and employed 1,200 workers, filed for court protection from bankruptcy in June,…
Read the full article at: http://www.theglobeandmail.com/report-on-business/economy/former-co-op-atlantic-workers-lose-first-step-in-pension-cut-battle/article30634672/