Thank you for the question.
From 2009 to 2022, there were approximately 10 cases where the pension had been reduced due to insolvency.
These are under the Companies’ Creditors Arrangement Act proceedings. Bankruptcy and insolvency proceedings would be a different manner. I can speak to 10 where there were reductions, but I would also speak to a number where the restructuring was successful.
This would range from Nortel Networks, where, depending on the province that you lived in.... Because of some particularities of provincial legislation, pensioners received 90% of their overall pension obligations in Ontario, and 82% of payments in other provinces.
With regard to Fraser payments, there was a difference between the salary pension payout and the hourly pension payout. The hourly pension payout went somewhere between 56% and 64%. The salary pension was between 65% and 69%. I would note Wabush Mines, where pensions were reduced by an estimated 8%. Pensions were reduced by 20% to 30% in Groupe Capitales Médias.
I would also note a number of successful restructurings. There is Air Canada in 2004, where pensions were made whole and continued on within the ongoing operations of the successful restructuring. There was AbitibiBowater in 2002, as well as Canwest, Hollinger, U.S. Steel and Algoma. All of these were situations where essentially the pension obligations were preserved and the pension was allowed to continue with a going concern company.
It's important to look on both sides of the restructuring as to what kind of.... Then, just to bring it back to the other point, you'd have to also look at what the solvency requirements were of the province or the regulator of the pensions in question because those are obviously material as to what further reductions one might see in a restructuring.