Jobs at threat as part of cootes transport restructure
The Cooses’ plan to restructure their company could face legal scrutiny over its costs of up to $4.2 million a year. In November, a federal tribunal ruled that a majority of Cooses had breached the duty of honesty, fairness and efficiency they owe to workers.
But Cooses chief executive Greg Fong said the workers were paid우리카지노 at an “excessive” level because there are no “clear benchmarks”, suggesting they should have gone to arbitration rather than sit on the coops’ balance sheet.
“The fact that the compa우리카지노ny is in danger of insolvency is not the reason we’ve had a problem,” Mr Fong told The Sunday Telegraph. “We’ve worked hard to ensure that our customers are well-paid and we believe that is happening.”
The Cooses’ agreement with their creditors has been described by legal specialists as “unsustainable” as the plan would have reduced coos’s earnings to $9.30 million a year, equivalent to about half the amount invested to pay off its debt.
However, Cooses’ senior management has said that the plan will lead to improved financial condit더킹카지노ion.
“We have always insisted that any significant cost would be paid in the form of increased revenues and operating expenses such as those we anticipate to earn from a restructuring,” Mr Fong said. “We have always been prepared to pay out any financial costs on contingency and the cost to the Company has been very minimal.”
Fossi has previously said that costs for cleaning the Cooses’ warehouse would amount to about $450,000, and workers’ welfare would increase by about $12,500 a year. In the first year of the plan, Cooses will earn about $5 million while its full-time workforce will earn about $26,000.
In 2012 the Cooses had to repay $7 million to pay for pension contributions. A $1.4 million settlement with Mr Fong’s former employer, the Port Alfred Railway Company, is due later in 2013.