News Releases

    • AbitibiBowater Provides Update on Filing of Annual Report on Form 10-K and Related Matters
      
          ABH (NYSE, TSX)
          AXB (TSX)
      
          MONTREAL, March 25 /CNW Telbec/ - AbitibiBowater Inc. (the "Company")
      announced today that on March 18, 2009, it received a written notice from the
      NYSE Regulation, Inc. (the "NYSE") stating that the Company is not in
      compliance with the NYSE's continuing listing criteria because it failed to
      timely file its Annual Report on Form 10-K for the fiscal year ended December
      31, 2008.
          The Company required additional time to finalize its accounting for
      certain transactions, to complete its accounting analysis, primarily related
      to goodwill impairment and long-lived asset impairment, and to more accurately
      reflect the outcome of a significant pending debt refinancing in its Form
      10-K.
          The Company is working to finalize its accounting for certain
      transactions and the related accounting analysis as described above, in
      connection with the finalization of its consolidated financial statements and
      related disclosures in the Form 10-K as expeditiously as possible and expects
      to file the Form 10-K very shortly.
          As a result of the delay in filing the Form 10-K, the Company will be
      unable to use its previously filed registration statements on Form S-3 for a
      period of at least 12 months from the date the Form 10-K is filed. This means,
      among other things, that the Company will be unable to deliver freely tradable
      common shares to holders of the exchangeable shares of AbitibiBowater Canada
      Inc. upon exercise of their exchange rights until the Company has filed a new
      registration statement on Form S-1 with respect to such shares and the
      Securities and Exchange Commission (SEC) has declared the registration
      statement effective. The Company currently intends to file a new registration
      statement on Form S-1 in the near future; however, the holders of exchangeable
      shares may experience a delay in receiving freely tradable common shares
      deliverable upon exchange of the exchangeable shares until the SEC declares
      such registration statement effective.
          For the period of time during which exchangeable shareholders will not be
      able to exchange their exchangeable shares for freely tradable shares of the
      common stock of AbitibiBowater, the holders of the exchangeable shares may
      have difficulty in disposing of their shares on the TSX as the volume of
      exchangeable shares traded on the TSX is generally substantially lower than
      the volume of shares of common stock of AbitibiBowater traded on the NYSE and
      the TSX, and there can be no assurance that holders of exchangeable shares
      will be able to sell their shares at an equivalent price on the TSX as they
      would otherwise be able to sell shares of common stock of AbitibiBowater had
      they been able to exchange their exchangeable shares for freely tradable
      AbitibiBowater common shares on either the NYSE or the TSX.
          Any questions regarding the exchangeable shares may be directed to CIBC
      Mellon Trust Company at 1 800 387-0825 or by email at
      inquiries@cibcmellon.com.
      
          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 24 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 under the stock symbol ABH on both
      the New York Stock Exchange and the Toronto Stock Exchange.
      
          Forward-Looking Statements
          --------------------------
      
          Statements in this news release that are not reported financial results
      or other historical information are "forward-looking statements" within the
      meaning of the Private Securities Litigation Reform Act of 1995. They include,
      for example, statements about the timing of the filing of the Annual Report on
      Form 10-K, the use of previously filed registration statements on Form S-3,
      the delivery of freely tradable common shares to holders of the exchangeable
      shares of AbitibiBowater Canada Inc., the filing of a new registration
      statement on Form S-1, the difficulties holders of the exchangeable shares may
      experience in disposing of their shares as well as the price they will be able
      to sell their exchangeable shares at compared to the price they would have
      obtained for common stock of AbitibiBowater and our strategies for achieving
      our goals generally. Forward-looking statements may be identified by the use
      of forward-looking terminology such as the words "will", "would" and "intends"
      and other terms with similar meaning indicating possible future events or
      potential impact on the business or stockholders of AbitibiBowater.
          The reader is cautioned not to place undue reliance on these
      forward-looking statements, which are not guarantees of future performance.
      These statements are based on management's current assumptions, beliefs and
      expectations, all of which involve a number of business risks and
      uncertainties that could cause actual results to differ materially. These
      risks and uncertainties include, but are not limited to, the Company's ability
      to remain in compliance with continued listing standards of the NYSE and the
      TSX, the risk that the Company could fail to comply with other NYSE or the TSX
      continued listing requirements, which could result in immediate delisting of
      the Company's common stock, the ability to use the previously filed
      registration statements on Form S-3, the ability to deliver freely tradable
      common shares to holders of the exchangeable shares of AbitibiBowater Canada
      Inc., the ability to file a new registration statement on Form S-1 that will
      be declared effective by the Securities and Exchange Commission (SEC) and the
      timing of such filing, delays in the reception of freely tradable common
      shares deliverable upon exchange of the exchangeable shares, holders' ability
      to exchange exchangeable shares for freely tradable shares of the common stock
      of AbitibiBowater, holders' ability to dispose of their exchangeable shares on
      the TSX and the price they may obtain compared with the price of common stock
      of the Company, the possibility to submit and the delays in processing
      exchange orders by the registrar and transfer agent of exchangeable shares,
      prior to the Company's filing of its annual report on Form 10-K and capital
      markets generally. Additional factors are detailed from time to time in
      AbitibiBowater's filings with the Securities and Exchange Commission (SEC),
      including those factors contained in AbitibiBowater's Current Report on Form
      8-K filed on February 9, 2009. All forward-looking statements in this news
      release are expressly qualified by information contained in the Company's
      filings with the SEC and the Canadian securities regulatory authorities.
      AbitibiBowater disclaims any obligation to update or revise any
      forward-looking information.
      
      
      
      
      For further information:
      For further information: Investors: Duane Owens, Vice President,
      Finance,  (864) 282-9488; Media and Others: Seth Kursman, Vice President,
      Communications and Government Affairs, (514) 394-2398,
      seth.kursman@abitibibowater.com