Magazine article Editor & Publisher

Canwest Seeks 5% Wage Cuts to Avert Bankruptcy

Magazine article Editor & Publisher

Canwest Seeks 5% Wage Cuts to Avert Bankruptcy

Article excerpt

The Canadian Press reports that Canwest Global Communications newspapers' unions were asked discuss concessions as the company faces restructuring to cope with debt of $3.9 billion (Canadian).

In a copy of a provided to the Canadian Press by the company, Canwest Newspaper Operations President and CEO Dennis Skulsky suggested a 5% wage cut for all Canwest newspaper employees would result in $C20 million in savings a year and could help the company avoid bankruptcy.

Representing workers at five of the Winnipeg-based group's papers, the Communication Workers of America/SCA Canada told CP it thought similar letters were sent to other union leaders at Canwest newspapers.

"We are urging Canwest to provide complete financial information and if it does, we would be open to further discussions," CWA/SCA Canada director Arnold Amber said in a statement. "The focus of any talks now should be how to ensure that the newspapers we work for succeed in their cities," he continued. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.