Representative Mandates

It is a contentious three-way battle among (i) the parent, USS, which has invested $4 billion in the Canadian subsidiary USSC ($2 billion by way of debt and $2 billion of equity) for zero return pitted against (ii) a strong and organized union acting on behalf of employees and pensioners and (iii) the Province of Ontario which is potentially exposed pursuant to a large pension benefit guarantee fund claim in the event of a wind-up of the pensions.

After a failed sales process and a failed mediation, USS achieved court approval of a Transition Services Arrangements (“TSA”) pursuant to which USS will continue to provide certain services to USSC as USSC is de-integrated from the USS family to become an independent operator.