Resolute Forest Products celebrates the planting of 1 billion trees in Ontario:
Resolute Forest Products Inc. celebrated the planting of one billion trees at its forestry operations in northern Ontario today. This achievement is the result of collective efforts made over the past 30 years by the company, its employees, numerous contractors and suppliers, and the Ontario Ministry of Natural Resources.
“This planting ceremony speaks to our long, successful and proud Company history in northern Ontario and our unwavering commitment to forest renewal and sustainable forestry,” said Richard Garneau, President and Chief Executive Officer of Resolute. “Forests are among the world’s only renewable resources. We are fortunate to be involved in an industry that is truly sustainable.”
Resolute Forest Products pension plans underfunded by $1.9 billion:
http://foresttalk.com/index.php/2012/08/10/resolute-forest-products-pension-plans-underfunded-by-1-9-billion/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foresttalk%2FZdAe+%28ForestTalk%29&utm_content=Google+Reader
Resolute Forest Products has not met the minimal solvency levels in its pension plans regulated by Quebec and Ontario’s funding relief regulations. These regulations, adopted in 2011, affect approximately 80% of Resolute Forest Product’s unfunded pension obligations.
As a result of these new regulations, Resolute Forest Products has until March 2013 to adopt corrective measures to attain the target solvency ratio within 5 years. The company needs to reduce its pension plan deficits by approximately $500 million.
