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Business Reorganization: AbitibiBowater Emerging From Chapter 11

November 24, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — AbitibiBowater said that the U.S. Bankruptcy Court for the District of Delaware has issued an opinion confirming AbitibiBowater's plan of reorganization under chapter 11 of the U.S. bankruptcy code, clearing the way for the company's emergence from creditor protection.

According to AbitibiBowater, the court also issued an order overruling objections to the U.S. plan. AbitibiBowater said it expects to emerge and its plans to become effective in December.

The company filed for protection in April. David J. Paterson, AbitibiBowatter’s CEO, said, "Once we meet the remaining closing conditions, we will emerge with a business foundation that fundamentally repositions AbitibiBowater."

This stage in the creditor protection proceedings follows a number of recent milestones, including, obtaining the requisite votes of unsecured creditors approving the Company's reorganization plans under the Canadian Companies' Creditors Arrangement Act and the U.S. Bankruptcy Code; a sanctioning of the plan under CCAA from the Quebec Superior Court; and agreements with the Quebec and Ontario pension regulators. 

Canada-based AbitibiBowater produces a range of newsprint, commercial printing and packaging papers, market pulp and wood products.

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