Montreal, Quebec, Canada, 18 December 2008 -- /PRNewswire/ -- AbitibiBowater announced today that it has received notification from the New York Stock Exchange (NYSE) that the company has fallen below its continued listing criteria. The average closing price of its common stock was less than USD 1.00 over a consecutive 30-day trading period.
The company has a period of six months from the date of notification, with a possible extension, to bring the average share price back above USD 1.00. Under NYSE rules, AbitibiBowater's common stock will continue to be listed on NYSE during this period, subject to the company's compliance with other NYSE continued listing requirements. AbitibiBowater plans to notify NYSE that it intends to cure the deficiency, although there can be no assurance that the company will be able to bring its share price back above USD 1.00 or will remain in compliance with other NYSE continued listing standards.
"Our stock price has been pressured by an unprecedented period of economic difficulty and market uncertainty that is impacting many companies and their share price performance in our industry and others," stated David J. Paterson, president and chief executive officer of AbitibiBowater.
"We are taking proactive steps to address the matter and are encouraged by our quarter-over-quarter improvements and the progress we have made and continue to make in improving our operating and financial performance. The company remains committed to its CAD 1 billion debt-reduction target and is currently exploring several options to address upcoming debt maturities, inclusive of asset sales," added Paterson.
AbitibiBowater's common stock remains listed on NYSE under the symbol "ABH" but will be assigned a ".BC" symbol extension to signify that the company is not currently in compliance with NYSE's continued listing standards. The company continues to be in compliance with the listing requirements of the Toronto Stock Exchange.
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 25 pulp and paper facilities and 30 wood products facilities 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 more third-party certified sustainable forest land than any other company in the world. AbitibiBowater's shares trade under the stock symbol ABH on the New York Stock Exchange and the Toronto Stock Exchange.