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AbitibiBowater amended securitization provides liquidity for ongoing business
June 23, 2009 By Pulp & Paper Canada
AbitibiBowater Inc. has completed an amendment and restating of its existing accounts receivable securitization p…
AbitibiBowater Inc. has completed an amendment and restating of its existing accounts receivable securitization program for the company’s Abitibi-Consolidated subsidiary. The amended US$270 million program, which Citibank, N.A. and Barclays Capital Inc. led as joint lead arrangers, provides the company with the liquidity necessary to conduct ongoing business operations during AbitibiBowater’s restructuring and allows the previously court-authorized sale of receivables and related rights to continue.
“Completing the amendment to this securitization program is an important milestone as we work through the stabilization period of the company’s restructuring process,” stated David J. Paterson, president and CEO. “We appreciate the confidence shown by our financial partners as AbitibiBowater strives to emerge, as rapidly as possible, from the creditor protection filings a stronger, more sustainable organization.”
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