Creditors approve AbitibiBowater plan of reorganization
September 21, 2010 By Pulp & Paper Canada
AbitibiBowater has received the necessary creditor approval for its plan of reorganization under chapter 11 of…
AbitibiBowater has received the necessary creditor approval for its plan of reorganization under chapter 11 of the U.S. Bankruptcy Code, except with respect to Bowater Canada Finance Corporation (BCFC), a special purpose company subsidiary with no operating assets, which has been excluded from the chapter 11 plan.
The company and its subsidiaries will exclude BCFC from the process and proceed with plan confirmation. The confirmation hearing that is scheduled to start on September 24, 2010, in the U.S. Bankruptcy Court in Delaware.
As previously announced, on September 14, the company received approval for its plan of reorganization from affected creditors under the Canadian Companies’ Creditors Arrangement Act in Canada, except with respect to BCFC.
AbitibiBowater continues to expect emergence from creditor protection this fall. The company produces a wide range of newsprint, commercial printing and packaging papers, market pulp and wood products.
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