Pulp and Paper Canada

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Abitibi to cut debt


May 31, 2005
By Pulp & Paper Canada

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.

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