Unfortunately, due to complications involving necessary documents not being issued by the Canada Revenue Agency (CRA) in a timely manner, the Union is unable to say exactly when distribution of funds will be made to former Wolverine Mine (Walter Energy) employees.
Before Walter Energy makes the distributions, they require "Clearance Certificates" to be issued by the CRA. Clearance Certificates are documents that allow the legal representative of a corporation to distribute assets without the risk of being personally responsible for the amounts the corporation might owe to the CRA. In this case, the Monitor, who is overseeing the distribution of Walter's assets to the employees and other creditors, cannot make the distributions until the necessary Clearance Certificates are received from the CRA.
In order to apply for a Clearance Certificate, Walter is required to file the necessary paperwork, which include CRA assessments for each part of the corporation. Over the summer, Walter received all the necessary assessments except for one, an assessment for one of its UK holdings. It has been asking CRA to provide the final missing assessment, so that it could submit all of its paperwork to receive the necessary Clearance Certificate; however, Walter decided in October to wait no longer and to file for the Clearance Certificate without the final missing documentation. Walter is hopeful that by filing without the final document, CRA will themselves realize that they are to blame for the hold up.
Walter has assured the Union that there is nothing further that they can do to move things along and the matter is entirely in CRA's hands. We have also been assured that the money intended for the former employees is secure and will not be compromised by any other issues before distribution can be made.
Walter has asked for an extension of the time to make the distribution until March 8,2019. This was granted by the court. We remain hopeful that the funds will be distributed in early Spring 2019.
Of course we share the frustration caused by the constant delay. Although the matter is somewhat outside of both Walter and the Union's hands at the moment, please understand that the Union will take any opportunity available to assist in moving this matter along so as to have the funds distributed as soon as possible.