AbitibiBowater Responds to Statements made at Federal Standing Committee on Industry, Science and Technology
MONTREAL, Nov. 18 /CNW Telbec/ - AbitibiBowater responded in reference to statements made during today's session of the Federal Parliamentary Standing Committee on Industry, Science and Technology in Ottawa. These incorrect statements concern AbitibiBowater's current and intended treatment of registered pension plans for active employees and retirees as it completes its restructuring efforts under its credit protection filings.
"Over the past ten months, AbitibiBowater has worked closely with regulators and elected officials in Québec and Ontario on a number of relief measures to allow its registered pension plans in these provinces to continue to pay 100% of pension benefits to retirees and beneficiaries as the Company emerges from credit protection," stated David J. Paterson, President and Chief Executive Officer. "We appreciate the support and collaborative spirit demonstrated by governments, unions, retiree groups and our creditors."
AbitibiBowater directly employs approximately 8,500 people and has close to 20,000 pensioners in Ontario and Québec and sponsors several registered pension plans for its employees and retirees in Canada. These plans include 15 defined benefit plans registered in Québec or Ontario, which have a material aggregate solvency deficit for which funding relief has been sought.
AbitibiBowater produces a wide range of newsprint, commercial printing and packaging papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 19 pulp and paper facilities and 24 wood products facilities located in the United States, Canada and South Korea. Marketing its products in more than 70 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.For further information:
Vice President, Finance
Media and Others
Director, Public Affairs Canada