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AbitibiBowater Sells Korean Mill

AbitibiBowater is divesting $250 million worth of assets in an attempt to improve its balance sheets and mitigate a…

AbitibiBowater is divesting $250 million worth of assets in an attempt to improve its balance sheets and mitigate a first quarter loss of $248 million.

According to a recent report by the Globe and Mail, the company has put a South Korean paper mill up for sale. The company confirmed on May 8 that it plans to shed a total of $500 million in assets by the end of the year.

The Globe further reported that in addition to the Korean facility, AbitibiBowater is seeking to sell off forestlands, sawmills, hydroelectric sites and other assets.