AbitibiBowater Inc.

Before emerging from creditor protection, the company must obtain adequate exit financing and complete efforts to address labor costs and pension issues.

"The filing of these documents is an important step in AbitibiBowater's creditor protection proceedings and a precursor to a key milestone we intend to reach in the near future with the filing of the plan's disclosure documents and proxy materials," stated David J. Paterson, President and CEO.

In the fourth-quarter, AbitibiBowater lost $314 million or $5.43 per share, a big improvement over the year-earlier period.

AbitibiBowater is seeking damages of as much as $500 million, claiming Newfoundland and Labrador Premier Danny Williams’ government illegally seized its assets after it shuttered operations in the province because of the economic downturn.

The indefinite closures at three Canadian mills and paper machine closures at four other mills, including one in the U.S., affect more than 1,500 workers.

Saddled with more than $6 billion in debt and facing drastically shrinking demand for its newsprint, paper producer AbitibiBowater has filed for Chapter 11 bankruptcy protection both in the United States and in Canada. 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.

MONTREAL—Saddled with more than $6 billion in debt and facing drastically shrinking demand for its newsprint, paper producer AbitibiBowater  has filed for Chapter 11 bankruptcy protection in the United States, and plans to seek protection in Canada under the Companies' Creditors Arrangement Act. The company was forced to terminate a $1.8 billion debt exchange offer for its Bowater subsidiary earlier this month when lenders would not provide sufficient support. It had also also been trying to restructure $2.4 billion in debt from its Abitibi-Consolidated unit.

Printing Impressions' Sustainable/Green Printing News for February 2009

Printing Impressions' Upfront Commercial Printer News for January 2009

MONTREAL—AbitibiBowater Inc. is curtailing paper production capacity,  predominantly newsprint, by one million metric tons in a move that will result in about 1,100 jobs being impacted in the United States and Canada. Some mills are being closed permanently, while others are being idled until further notice. The Covington, TN, paper converting facility is being closed for good, removing 70,000 metric tons of coated grades from the marketplace.