The period of creditor protection for Eastern Protein has been extended. Unionized employees out of work as a result of the plant closure will have to wait to find out what sort of offer will be coming in terms of severance, vacation and sick pay.
Ian Blenkharn, Chief Executive Officer and board chairman for Eastern Proteins parent company, ACA Co-operative Limited, said the stay of proceedings for creditor protection was extended to April 6.
Were working on a proposal to be presented to the creditors before April 6 for their consideration, Blenkharn said. The creditors, including affected employees, will have an opportunity to take the offer or vote it down. Its likely that creditors will be offered a percentage of every dollar owed to them.
Operations at the Eastern Protein plant in the Kentville Industrial Park (Nova Scotia) concluded Friday, Feb. 27. Blenkharn said some changes occurred at ACAs primary processing plant in New Minas over the weekend and were implemented into operations beginning Monday, March 2. The Advertiser
Creditor protection extended for Eastern Protein
- Published on March 5, 2009
- Published on May 5, 2010
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Kirk Starratt
The period of creditor protection for Eastern Protein has been extended. Unionized employees out of work as a result of the plant closure will have to wait to find out what sort of offer will be coming in terms of severance, vacation and sick pay.
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