Classifieds 986-6222 Office, Editarial 985-2131 Display Advertising 980-0511 July 17, 1991 NEWS photo Terry Foters THE SUMMER Reading Ciub at North Vancouver City Library was paid a visit last week by “Ben’’ a three-month-old Siberian Tiger. The children in the reading program were able to get a close look at the cud and to have questions answered by Tony Gunther of the Vancouver Game Farm. Ree) er cain SEO, ee tate Eerie ate eA Se Cistribution 986-1337 WEDNESDAY Themba Tana on South African music Now spotlight: 27 Unions/MP Cook angry over decision to assist shipyard THE FEDERAL government should be spending money ou keeping North Vancouver-based Versatile Pacific Ship- yards’ (VPSD $60-million Panama floating dry dock in Vancouver rather than spending millions on bailing out a financially-troubled Quebec shipyard, the president of a West Coast shipyard union said Tuesday. MacPherson, of the Marine Woixers and Botlermakers Industrial Union (MEWBIU), made the comment one das after VPS] submitted a restructured business plan to the B.C. Supreme Court. The plan requests federal pov- ernment permission to sell VSPI's floating dry dock and use the sale's profits to help pay off a George president debt estimated at nearly $20 mil- lion. North Vancouver Progressive Conservative MP Chuck Cook has also criticized his Tory govern. ment for approving a $263-million bailout of Quebeo’s MIL-Davie Shipyards. The shipyard had earlier won a contract to build three frigates and modernize four destroyers for the federal zovernment, In March, VPSI was granted B.C, Supreme Court protection under the Company Creditors Ar- rangement Act for oa §20-day breathing period to restructure its finances. On Monday, it) subnait- ted a Plan) of Arrangement, or business plan, to othe B.C. Supreme Court. Versatile creditors will now have one month to study the plan to determine if it is acceptable. In its business plan, VPSE re- quests approval to sell its floating dry dock, which the company suid is *tunder utilized.’ for 314.8 mil- lion; the provincial government has secured a $7.5 million loan to VPSI against the dry dock. If the federal government ret- uses (0 allow the dry dock’s sale, VPSI wants Ottawa to purchase the dry dock for $7.5 million. *‘In order to generate even a modest profi1, the dry dock must Operate at almost full capacity. Local markets and existing dock- ing capacity on the Canadian West Coast rule out the commer- cial justification of the dry dock,”’ VPSI states in its business plan. “Outright sale of the dry dock is the best option.” MacPherson said he suspected all along that VPSI had planned to sell the floating dry dock, the onty one of its kind in the Port of Vancouver. “Our worst fears have come true. IF that dock goes it will have a devastating effect on ship- building capacity on the West Caast,"' said MacPherson. MacPherson said Ottawa should use some of the $263 million given to the Quebec shipyard to ensure PETAR Etats? By Surj Rattan News Reporter VPSI's floating dry dock remains where it is. ‘*We're looking at maybe $20 to $25 million to buy the dry dock and maintain a viable shipbuilding industry here," said MacPherson. “We've said all along that dry dock is not Versatile’s to sell. It belongs to the taxpayers.”’ Cook also attacked his govern- ment for the Quebec shipyard bailout, but added that he agrees that VPSIs dry dock should be soid. “With 1,000 unemployed ship- yard workers in North Vancouver there is no way [ can justify $263 million going to Quebec. Po can't justify thar gift to Quebee."” sad Cook. “The workers here are mad, damn mad. You talk about Canadian unity and then you da something like this. [t's just. ridi- culous."” But Cook said there was Htrle use for VPSI's floating dry dock in the Vancouver port. “Hf there's no work for it chen what's the point of keeping ic? If they sell it for St4 million it would relieve the debt load,” Cook said. Under its business plan, VPSI plans to split the pension plan owed to former employees be- tween the employees and the company, a move criticized by both Cook and MacPherson. VPSI said it hopes to use about $2.2 million from its employees' pension plan to pay off creditors. “Why are the surplus pension funds being taken from the workers and being shared with the company. These funds belong to the workers and | want some ian- swers to it,"’ said Cook. MacPherson said VPSI plans to split the pension funds between itself and its former employees. “That money does not belong to the company,’’ said MacPher- son. He added that he is not im- pressed with VPSI’s restructured business plan. Versatile’s business plan the company will do some steel cutting work at its North Van- couver yard on a $120-million superferry and that it hopes to do. Says similar work an a second supecferry, After that, the North Jancouver yard will) be closed permanently.