Montreal, Quebec, Canada, 17 June 2009 /PRNewswire-FirstCall via COMTEX/ -- AbitibiBowater Inc. today announced that it has completed an amendment and restating of its existing accounts receivable securitization program for the company's Abitibi-Consolidated subsidiary. The amended USD 270 million program, which Citibank, N.A. and Barclays Capital Inc. led as joint lead arrangers, provides the company with the liquidity necessary to conduct ongoing business operations during AbitibiBowater's restructuring and allows the previously court-authorized sale of receivables and related rights to continue.
"Completing the amendment to this securitization program is an important milestone as we work through the stabilization period of the company's restructuring process," said David J. Paterson, president and chief executive officer. "We appreciate the confidence shown by our financial partners as AbitibiBowater strives to emerge, as rapidly as possible, from the creditor protection filings a stronger, more sustainable organization."
The company had obtained an interim court order in the United States and a Canadian court order authorizing Abitibi-Consolidated to enter into an amended and restated securitization program.
More information about AbitibiBowater's restructuring process can be found at www.abitibibowater.com or by calling toll-free 888-266-9280. International callers should dial 503-597-7698.
AbitibiBowater produces a wide range of newsprint, commercial printing papers, market pulp, and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 23 pulp and paper facilities and 30 wood products facilities located in the United States, Canada, the United Kingdom, and South Korea. Marketing its products in more than 90 countries, the company is also among the world's largest recyclers of old newspapers and magazines, and has third-party certified 100% of its managed woodlands to sustainable forest management standards. AbitibiBowater's shares trade over-the-counter on the Pink Sheets and on the OTC Bulletin Board under the stock symbol ABWTQ.