AbitibiBowater to Emerge from U.S. Creditor Protection in December
Nov. 22, 2010 (Press Release) - AbitibiBowater is pleased to announce that the U.S. Bankruptcy Court for the District of Delaware has issued an opinion confirming AbitibiBowater's plan of reorganization under chapter 11 of the U.S. Bankruptcy Code, clearing the way for the Company's emergence from creditor protection. The Court also issued an order today overruling objections to the U.S. plan. AbitibiBowater expects to emerge and its plans to become effective in December.
"Today is an exciting day in the transformation of AbitibiBowater," stated David J. Paterson, President and Chief Executive Officer. "The restructuring was a challenging process and I am truly proud of all that we have achieved since our filing in April 2009. Once we meet the remaining closing conditions, we will emerge with a business foundation that fundamentally repositions AbitibiBowater."
"We would not be here today without the dedication, loyalty and perseverance of our employees, the vision and guidance of our leadership team, the steadfast loyalty of our customers and suppliers, as well as the support of governments and the communities in which we operate. To you, and all of our stakeholders, thank you," added Paterson. "We look forward to working with everyone to continue to shape AbitibiBowater as a leaner, financially flexible and more competitive organization."
This stage in the creditor protection proceedings follows a number of recent major milestones, including: obtaining the requisite votes of unsecured creditors approving the Company's reorganization plans under the Canadian Companies' Creditors Arrangement Act (CCAA) and the U.S. Bankruptcy Code; a sanctioning of the plan under CCAA from the Quebec Superior Court; and agreements with the Quebec and Ontario pension regulators.