AbitibiBowater (ABH) Updates Restructuring Plans
AbitibiBowater Inc. (NYSE: ABH) announced that the Company is evaluating new restructuring alternatives and is currently in active discussions with lenders and debt holders of its Bowater Incorporated subsidiary to restructure Bowater's debt and implement alternatives for maintaining adequate liquidity levels. These developments follow the expiration and termination of Bowater's previously announced exchange offers.
"We are optimistic that we will be able to work constructively with all of our lenders, debt holders and other constituencies to successfully implement an alternative restructuring of our overall debt," stated David J. Paterson, President and Chief Executive Officer.
AbitibiBowater and Bowater Finance II LLC, an indirect wholly owned subsidiary of AbitibiBowater, also announced the expiration and termination of the previously announced private exchange offer and consent solicitation relating to the following outstanding indebtedness of Bowater and its subsidiaries: 9.00% Debentures due 2009, Floating Rate Senior Notes due 2010, 7.95% Notes due 2011, 9.50% Debentures due 2012, 6.50% Notes due 2013 and 9.375% Debentures due 2021. In addition, the concurrent private notes offering has also expired and terminated.
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