News
Abitibi to cut debt

Bloomberg recently reported that Abitibi Consolidated is putting into motion plans to start paying down its $4 bill…

Bloomberg recently reported that Abitibi Consolidated is putting into motion plans to start paying down its $4 billion debt. Over the next three years, CEO John Weaver intends to reduce the amount by 13%, using money from asset sales and liquidated capital from cost cutting measures.

The reduction would imply a savings of roughly $40 million from the company’s annual interest bill, which stood at $377 million in 2004.