Over 200 NTCL pensioners, represented by PSAC/UCTE, will see a much-needed cash infusion into their pension fund. The money comes as a result of the recent sale of the Northern Transportation Company Ltd’s assets to the Government of the Northwest Territories.
NTCL has been facing bankruptcy proceedings and a major pension shortfall.
A recent settlement agreement means that the proceeds of the company’s sale to the territorial government will be shared between the banks and the pension holders. The settlement will provide for a transfer of about $2.7 million in financial assets to the NTCL Pension Plan.
NTCL provides shipping services to communities and exploration projects throughout the Northwest Territories and the western Arctic.
- PSAC represents 39 workers and over 200 pensioners at the company.
- Earlier this year, the company filed for creditor protection due to financial difficulties.
- The company’s pension has been facing a significant solvency deficiency.
- PSAC hired a law firm to represent the workers and pensioners in the bankruptcy proceedings.