AbitibiBowater Files Framework for Plan of Reorganization
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A classification scheme and resultant forms of recoveries for all company creditors is proposed in the plan. It specifies that non-disputed pre-petition secured, administrative, debtor-in-possession and other priority claims would be paid in full in cash, or satisfied as otherwise agreed, at emergence. Unsecured claims would receive a pro rata share of equity in the reorganized company upon emergence, subject to certain conditions. Details on the extent of recovery for unsecured creditors will be outlined in forthcoming disclosures. The Plan also provides that the Company's current common stock will be cancelled and holders will receive no recoveries.
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- Companies:
- AbitibiBowater Inc.
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