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Noranda Aluminum Stipulation Approved

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The U.S. Bankruptcy Court issued an order approving Noranda Aluminum’s stipulation and settlement resolving certain grievances by and between Noranda Aluminum and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (USW) and USW Local 7686 (Local Union).

As previously reported, “The Company, Noranda Aluminum is party to a collective bargaining agreement, effective September 1, 2012, with the USW (the ‘CBA’ or the ‘New Madrid CBA’). The New Madrid CBA expires, by its terms, at midnight, August 31, 2017. At its peak, the New Madrid CBA covered 837 USW represented production and maintenance employees….In accordance with the terms of the New Madrid CBA, the Company and the USW Local 7686 attempted to resolve the Grievances on a consensual basis.”

Court-filed documents continue, “After good faith, arms’-length negotiations, the Parties agreed to resolve the Grievances addressed on the terms and conditions set forth in the Settlement. The Settlement provides that the Company will pay approximately $7,500 to resolve the Grievances addressed herein in full. The Settlement does not resolve any other Grievance, and each such Grievance remains subject to further processing through the grievance and arbitration procedure of the New Madrid CBA.”

Read more Noranda bankruptcy news.

The post Noranda Aluminum Stipulation Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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