AbitibiBowater Seeks ReorganizationMay 2009
The company was forced to terminate a $1.8 billion debt exchange offer for its Bowater subsidiary in April when lenders would not provide sufficient support. It had also been trying to restructure $2.4 billion in debt from its Abitibi-Consolidated unit.
Investissement Quebec announced plans to guarantee a maximum amount of $100 million of supplemental funding to AbitibiBowater. The proposed financing and guarantee are still subject to the approval of the courts in Canada.