MPs advance bill giving pension plan members priority in corporate bankruptcies [Globe and Mail, The (Toronto, Canada)]
Algoma Steel Group Inc. (ASTL)
Company Research
Source: Globe and Mail, The
After a decade of false starts, a federal bill to give pension members the highest priority when plan funding falls short in a company bankruptcy has unanimously passed a vote in the House of Commons, pushing a long-debated protection for pensioners closer to becoming law. MPs voted 318-0 on Wednesday in support of Bill C-228, a private member's bill sponsored by Conservative MP Marilyn Gladu, sending it to the Senate for review. If passed, it would change bankruptcy and insolvency law to give pensioners a super-priority for unfunded liabilities in private-sector, defined-benefit company pension plans. That would put the pension liability ahead of secured and unsecured creditors, improving the chances that members would be made whole in an insolvency. Similar bills have been introduced since 2010, and as far back as 2004, but none gained enough traction. Last year, a similar bill put forward by Bloc Québécois MP Marilène Gill was considered by the federal Finance committee, but n
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ASTL
News
- Algoma Steel Inc. Announces Pricing of US$350 Million 9.125% Senior Secured Second Lien Notes due 2029GlobeNewswire
- CORRECTION: Dividend Payment Date Adjustment Due to Canadian Statutory HolidayGlobeNewswire
- Junk Issuers Rush to Refinance With Spreads Lowest Since 2022 [BNN Bloomberg (Canada)]BNN Bloomberg
- Algoma Steel Inc. Announces Proposed Offering of US$350 Million of Senior Secured Second Lien Notes due 2029 [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Algoma Steel Provides Fiscal Fourth Quarter 2024 Guidance [Financial Post (Toronto, Ontario, Canada)]Financial Post
ASTL
Earnings
- 8/10/23 - Beat
ASTL
Sec Filings
- 4/10/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/26/24 - Form 6-K
- ASTL's page on the SEC website