A Quebec judge has ruled former employees of insolvent aircraft maintenance company Aveos Fleet Performance will share $5.8 million in back pay, or up to $2,000 each.
Mark Schrager approved the payment by April 21, along with $450,000 in employer payroll contributions.
The payment constitutes the "full and final payment due and payable" to more than 2,600 employees who were terminated when the Montreal-based company closed and moved to liquidate its Canadian operations.
The April 5 court order says no further priority claims can be asserted against Aveos under the Companies' Creditors Arrangement Act.
In a separate order, Schrager sanctioned an agreement that allows Air Canada to repossess an Airbus A330 aircraft, engines as well as records and intellectual property held in an Aveos facility.
Aveos was formed after Air Canada spun off its technical services division in 2007. It shut down overnight on March 18, announcing plans to liquidate its assets. It cited a decline in business from Air Canada, its largest customer.