16 April 2009
AbitibiBowater files for bankruptcy protection in U.S., will file in Canada Friday
MONTREAL—AbitibiBowater filed for bankruptcy protection in the U.S. today, and plans to do the same in Canada tomorrow, the company has announced. For the past few months, AbitibiBowater has been in negotiations with its creditors, and is $2.9 billion in debt at its Canadian division, Abitibi-Consolidated, and $1.8 billion at its U.S. division, Bowater.

A spokesperson told CBC news that the company wasn’t speculating on whether layoffs and plant closures are coming as a result of the filing.

AbitibiBowater has 30 wood products mills, and 23 pulp and paper mills in Canada, the U.S., South Korea, and the U.K. It produces 3.4 million metric tons of coated and uncoated papers annually, for use in magazines, catalogues, direct mail inserts, flyers, and books.

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