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Canwest Requests Pay Cuts

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Canadian Giant Canwest Global requests paycuts

THE CANADIAN PRESS

Unions at Canwest Global Communications newspapers say they are being asked to enter concession talks with the company, which faces a major restructuring effort as it tries to deal with a crushing $3.9 billion debt load.

 

The CWA/SCA Canada union said Friday the Winnipeg-based newspaper publisher (TSX: CGSCGS) is asking for wage cuts of up to five per cent, which could save it $20 million a year and help it avoid a bankruptcy protection filing.

The union represents workers at five of Canwest's major papers.

It received the concession requests in a letter delivered Friday from Dennis Skulsky, president and CEO of Canwest's newspaper operations.

The union said it believes similar letters have been sent to other union leaders at Canwest newspapers.

In the letter, the union said, Skulsky writes that a five per cent wage cut for all Canwest newspaper employees would result in $20 million in savings in a year.

 

Read 185 times Last modified on Sunday, 27 November 2011 22:43
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