By Greg Quinn
Bankrupt Canadian companies will have to pay wages and pensions before repaying secured lenders such as banks to emerge from creditor protection, under changes proposed by Industry Minister David Emerson.
Unpaid wages would also rank above secured creditors for as much as C$2,000 ($1,600) per worker, according to the proposed law introduced in the House of Commons in Ottawa today.
For this complete story, please visit Canada Plans Bankruptcy Changes to Protect Pensions, Wages .
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