AbitibiBowater launches creditor claims process
September 8, 2009 By Pulp & Paper Canada
AbitibiBowater has received approval for a process to call for creditor claims by the Quebec Superior Court in…
AbitibiBowater has received approval for a process to call for creditor claims by the Quebec Superior Court in Canada and the U.S. Bankruptcy Court for the District of Delaware.
The claims process granted outlines the procedures by which creditors can make claims against the company. These proposed procedures have been outlined in the Fourteenth
Report of the Monitor, a link to which can be found on abitibibowater.com.
“Launching the claims process at this juncture demonstrates continued progress in AbitibiBowater’s restructuring efforts,” states David J. Paterson, president and CEO. “This key step in our creditor protection filings will allow the company to better assess the scope and nature of creditor claims and assist AbitibiBowater in formulating a restructuring plan.”
Under the claims process, creditor claims must be received by 4:00 p.m. (Eastern) on November 13, 2009. Creditor claims not received by this bar date will be extinguished, and the creditors asserting such claims will not be entitled to participate in any forthcoming restructuring plan.
Certain creditors are not required to file claims in the claims process including, among other creditors, active employees or employees that were active at the date of AbitibiBowater’s creditor protection filing on April 16, 2009. This group of employees has been excluded from the Claims Process at this time given the company’s restructuring initiatives continue to unfold. Employees and other creditors not presently included in the claims process will be advised when the company seeks to approve a date for the filing of any claims by these individuals, if necessary, at a future date.
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