To the Editor,
Contrary to what is being reported in some media, it is still legally possible for Catalyst to put forward a revised restructuring plan. And with a first vote failing by the narrowest of margins there is a good chance that a second attempt could succeed.
But for this to happen the company must act quickly. The alternative is a sales precess that immediately creates a 35 per cent pension loss for 1500 salaried pensioners, and an uncertain future for employees, customers and suppliers.
In recent months Catalyst has gone to unions, workers, pensioners and municipalities for concessions aimed at supporting a successful restructuring and every one of these groups has stepped up to the plate. So Catalyst has an obligation to do its best to bring this about, and not to throw in the towel after the first setback.
Unless that happens their supporters will quite logically feel betrayed.
Catalyst executives will collect almost $8 million in bonuses if the company is sold. Others are not so lucky; they should not take this lying down.