AbitibiBowater Wins Bankruptcy Court Approval For Loan to Fund Operations Jun 5, 2009
The company was formed in October 2007 with the merger of Abitibi-Consolidated Inc. and Bowater Inc. in a stock transaction valued at about $4. 8 billion. (Bloomberg -- Canada)
Die another day May 20, 2009
Much of the company's debt comes from the 2007 merger of Abitibi-Consolidated and Bowater. The company tried to slash capacity to boost prices at the beginning of last year, but the gamble didn't work. (CNN -- Money)
AbitibiBowater Wins Court Approval to Raise $100 Million in New Financing May 8, 2009
The notes were secured by Abitibi Consolidated Co. of Canadas stakes in nine power plants and 11 pulp and paper mills. Unions criticized the pension ruling today, saying it will add to the companys financial problems. (Bloomberg -- Canada)
AbitibiBowater receives court orders in Canada for $100 million in DIP financing May 7, 2009
MONTREAL, May 7 /PRNewswire-FirstCall/ - AbitibiBowater Inc. ("AbitibiBowater" or the "Company") and its Abitibi-Consolidated Inc. ("Abitibi") subsidiary today announced that an order from the Quebec Superior Court in Canada has been obtained authorizing Abitibi to enter into a loan agreement with Bank of Montreal for debtor-in-possession financing which will be guaranteed by Investissement Quebec (the "Abitibi DIP Agreement") ... Additional factors are detailed from time to time in... (PR Newswire)
Abitibi wins Quebec debtor funding May 7, 2009
In approving the debtor-in-possession financing for the company's Canadian subsidiary, Abitibi-Consolidated, Quebec Superior Court Justice Cl ... In his ruling, Judge Gascon agreed with court-appointed monitor Ernst & Young that Abitibi-Consolidated would have an uncomfortable amount of cash to pay its $45-million (Canadian) of weekly expenditures including payroll without the provincially backed financing. (Globe and Mail -- Business)
AbitibiBowater Bondholders Oppose Plan to Raise $100 Million New Financing May 6, 2009
The notes are secured by Abitibi Consolidated Co. of Canadas stakes in nine power plants and 11 pulp and paper mills. Abitibi Consolidated Inc., a unit of AbitibiBowater, Donahue Corp. and the Bank of Montreal agreed to provide $100 million of debtor-in-possession financing in exchange for a higher ranking among creditors than the bondholders, according to court filings. (Bloomberg -- Canada)
Ex-Abitibi head joins creditor queue May 3, 2009
He was chief executive officer of Abitibi-Consolidated Inc. for eight years before its 2007 merger with U.S.-based Bowater Inc.. While at the helm of Abitibi-Consolidated, Mr. Weaver oversaw a string of pricey acquisitions, including the $5. (Globe and Mail -- Business)
AbitibiBowater receives court orders in the United States and Canada Apr 19, 2009
The U.S. and Canadian orders include, among other things, authorization to (1) continue making payments relating to employees' current wages, salaries and benefit programs in the ordinary course; (2) ensure the continuation of the current cash management systems; (3) honor ongoing customer obligations; (4) enter into financing commitments for debtor-in-possession financing totaling approximately $200 million for certain of its Bowater subsidiaries; and (5) enter into an amendment providing for... (PR Newswire)
Quebec gives Abitibi $100-million ‘shot in the arm' Apr 18, 2009
The 2007 merger of Abitibi-Consolidated with U.S. forestry giant Bowater has been successful, he said. The merged company is a stronger entity than if the two had remained separate, he told the court. (Globe and Mail)
Abitibi-Consolidated Files for Bankruptcy Protection From U.S. Creditors Apr 18, 2009
Abitibi-Consolidated Files for Bankruptcy in U.S. (Update1) - Bloomberg ... Abitibi-Consolidated Files for Bankruptcy in U.S. (Update1) ... April 18 (Bloomberg) -- Abitibi-Consolidated Inc., Canadian units of , sought bankruptcy protection in the U.S. after lenders refused to accept a proposed debt restructuring. (Bloomberg -- Canada)
Ottawa refuses to rescue AbitibiBowater Apr 18, 2009
Smoke rises from the Abitibi-Consolidated mill in Shawinigan, Que. last January. (Globe and Mail -- National)
AbitibiBowater Files Bankruptcy as Refinancing With U.S. Lenders Fails Apr 17, 2009
AbitibiBowater later proposed a recapitalization plan for its Abitibi-Consolidated unit that would have reduced net debt by about $2 ... The company was formed in the October 2007 merger of Bowater Inc. and Abitibi-Consolidated Inc., a transaction valued at about $4. (Bloomberg -- Canada)
AbitibiBowater Files for Bankruptcy Protection Apr 17, 2009
AbitibiBowater, created in 2007 in a combination of U.S.-based Bowater and Canada's Abitibi-Consolidated, has faced collapsing demand for its newsprint as advertisers abandon newspapers for the Internet. In addition, the recession has reduced the amount companies spend on newspaper ads, and rising newsprint prices have caused newspaper publishing companies to take such cost-savings measures as trimming the width of their pages. (ABC News -- Wire)
Failing to push paper in digital age Apr 17, 2009
Smoke rises from the Abitibi-Consolidated mill in Shawinigan, Que ... When Abitibi-Consolidated acquired Donohue Inc. in 2000, there was speculation that Michel Desbiens, the CEO of Donohue, might run the entire company. (Globe and Mail)
AbitibiBowater files for Chapter 11 Apr 17, 2009
The company has concluded that there are no viable alternatives to its previously announced proposed refinancing of its Bowater and Abitibi-Consolidated subsidiaries ... Last month, AbitibiBowater announced it was launching the second phase of Abitibi-Consolidated recapitalization program, which was designed to reduce debt by $2 ... Bowater Inc., which operates a large pulp- and paper-manufacturing complex in York County, completed its merger with Canada-based Abitibi-Consolidated in October. (Charlotte Business Journal, NC)
Abitibi's crumpling ‘recovery' strategy Apr 16, 2009
More than 4,000 jobs have been cut since the 2007 merger of Abitibi-Consolidated and Bowater. Still, chief executive officer Dave Paterson's willingness to take the chainsaw to the company's operations was one of the reasons some investors, including Prem Watsa's Fairfax Financial Holdings, were willing to bet new bucks on Abitibi's future. (Globe and Mail -- Business)
AbitibiBowater extends job furloughs Apr 8, 2009
The corporation was formed by a 2007 merger of S.C.-based Bowater Inc. and Abitibi Consolidated Inc. of Canada. Reader Comments. (Charlotte Business Journal, NC)
Abitibi debt restructuring bid fails Apr 2, 2009
4-billion (U.S.) recapitalization at AbitibiBowater's Canadian unit, Abitibi-Consolidated ... Abitibi-Consolidated failed to repay a $347-million term loan that came due on Monday ... Still, the default prompted Standard s to cut its rating on Abitibi-Consolidated's long-term debt to single-D from double-C. In addition to its $6-billion debt load, Abitibi has seen its core newsprint business shrink even faster than anticipated as demand craters during the recession. (Globe and Mail -- Business)
AbitibiBowater to Seek New Debt-Restructuring Options After Plan Expires Apr 2, 2009
9 billion of debt issued by its Abitibi-Consolidated subsidiary. AbitibiBowater had previously said the Abitibi-Consolidated restructuring was contingent on creditor approval of the Bowater plan ... Abitibi-Consolidated is technically in default on a $347 million loan, according to a March regulatory filing. (Bloomberg -- Canada)
AbitibiBowater Swaps Traders to Settle $1.15 Billion After Default Trigger Mar 30, 2009
4 billion at its Abitibi-Consolidated Inc. unit, the Montreal-based company said in a regulatory filing last week. That caused a so-called event of default on $347 million under a credit facility and led to cross-defaults on other debt from the unit, the company said in the filing. (Bloomberg -- Canada)
AbitibiBowater debt plan talks go down to wire Mar 21, 2009
Failure to successfully complete the restructuring would reduce the chances that Bowater could succeed with a separate attempt to restructure bonds at the Canadian unit, Abitibi-Consolidated ... AbitibiBowater is the result of a 2007 merger between Montreal-based Abitibi-Consolidated and South Carolina-based Bowater. (Globe and Mail -- Business)
Abitibi faces deadline on debt plan Mar 21, 2009
The failure to come to an agreement, or extend for a third time a deadline for creditors to agree to the plan, would derail a similar out-of-court restructuring at the company's Canadian unit, Abitibi-Consolidated ... Under the restructuring, Fairfax has agreed to purchase an additional $80-million in Bowater notes and $100-million in Abitibi-Consolidated notes ... Steelhead emerged as Abitibi's biggest shareholder earlier this year, and has agreed to buy $50-million in new Abitibi-Consolidated... (Globe and Mail)
Newsprint firm tries to revamp debt to avoid bankruptcy Mar 20, 2009
Much of that debt was assumed when the company was created through the 2007 merger of Abitibi-Consolidated of Montreal and Bowater of Greenville, S.C.. Last month, the company began two bond-exchange offers in an effort to trim its debt by about $2. (International Herald Tribune -- Business)
Investor backstops Abitibi plan Mar 17, 2009
The company was formed in 2007 with the merger of Canada's Abitibi-Consolidated and U.S.-based Bowater. (). (Globe and Mail -- Business)
AbitibiBowater Closes Two Mills Mar 17, 2009
Shortly before the shut-down, AbitibiBowater began a second phase in recapitalizing Abitibi-Consolidated Inc., with the aim of cutting debt by $2. 4 billion. (MediaWeek.com)
Abitibi plan would slash debt Mar 14, 2009
The company said the planned financial restructuring of the Abitibi-Consolidated Inc. subsidiary will not affect its obligations to workers, including pension and benefit plans ... 9-billion of Abitibi-Consolidated notes are to exchanged for $321-million in new notes paying 12 per cent interest and $810-million in 11 per cent notes, along with 86. (Globe and Mail -- Business)
Police: Rap producer injured in Ariz. hotel fight Feb 17, 2009
The Humane Society Calumet Area has joined with Abitibi Consolidated to save the environment and fundraiser at the same time. The public is invited to recycle newspaper, magazines, catalogs, envelopes, folders, copy paper and mail in the green bin outside the shelter at 421 45th St. Every time the bin is picked up, the shelter receives money to save more homeless animals. (Northwest Indiana Times)
Fairfax adds to the intrigue at Abitibi Feb 10, 2009
But it would still leave the company facing a March deadline to repay a $347-million term loan at its Abitibi-Consolidated unit. (Did we mention that this company needs to simplify its labyrinthine structure. (Globe and Mail)
