ABH (NYSE, TSX)
MONTREAL, April 14 /CNW Telbec/ - AbitibiBowater Inc. and AbitibiBowater
Canada Inc. (collectively, the "Companies") provide this bi-weekly Default
Status Report in accordance with National Policy 12-203 - Cease Trade Order
for Continuous Disclosure Defaults ("NP 12-203"). On March 31, 2009, the
Companies announced that they were not able to timely file their annual
financial statements, accompanying management's discussion and analysis and
related CEO and CFO certifications (collectively, the "2008 Annual Financial
Statements") for the financial year ended December 31, 2008.
In accordance with NP 12-203, and as previously announced, the Companies
applied to the applicable securities commissions and regulators for Management
Cease Trade Orders related to the shares of the common stock of AbitibiBowater
Inc. and AbitibiBowater Canada Inc.'s exchangeable shares to be imposed
against certain of the Companies' executive officers (and at the discretion of
the applicable securities commissions, some or all of the persons who have
been directors, officers or insiders of the Companies) instead of a general
Cease Trade Order being imposed against all securities of the Companies. On
April 2, 2009, the Quebec Autorité des marchés financiers issued a temporary
Management Cease Trade Order expiring on April 20, 2009, related to the
Companies' securities against certain directors and officers of the Companies
for so long as annual financial statements, certifications and related MD&A
are not filed. On April 6, 2009, the Ontario Securities Commission rendered a
similar Management Cease Trade Order related to certain Ontario-resident
directors of AbitibiBowater Inc. The issuance of such Management Cease Trade
Orders does not generally affect the ability of persons who have not been
directors, officers or insiders of the Companies to trade the securities of
the Companies. A general Cease Trade Order may be imposed by the applicable
securities commissions if the Companies fail to satisfy the provisions of the
Alternative Information Guidelines required pursuant to NP 12-203 (the
"Alternative Information Guidelines").
The Companies are working with their auditors to complete the audit of
the 2008 Annual Financial Statements as soon as possible. Until the 2008
Annual Financial Statements are filed, the Companies intend to satisfy the
Alternative Information Guidelines by issuing bi-weekly Default Status
Reports, each of which will be issued in the form of a press release. If the
2008 Annual Financial Statements are not filed beforehand, the Companies
intend to issue their next Default Status Report on April 28, 2009.
The Companies report that since their original announcement on March 31,
2009, (the "Notice") in respect of the delay in filing their 2008 Annual
Financial Statements, there have not been any material changes to the
information provided in the Notice other than as described herein nor any
failure by the Companies in fulfilling their stated intentions with respect to
satisfying the Alternative Information Guidelines. In addition, there has not
been any other specified default by the Companies under NP 12-203, nor are any
anticipated and there is no other material information concerning the affairs
of the Companies that has not been generally disclosed.
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 under the stock symbol ABH on both
the New York Stock Exchange and the Toronto Stock Exchange and AbitibiBowater
Canada's exchangeable shares trade on the Toronto Stock Exchange under the
stock symbol AXB.
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 Financial
Statements, 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 Companies'
ability to remain in compliance with continued listing standards of the NYSE
and the TSX, the ability to obtain a Management Cease Trade Order from the
applicable Canadian securities regulatory authorities and the Companies'
ability to satisfy the provisions of National Policy 12-203. 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 AbitibiBowater's filings with the SEC and the
Canadian securities regulatory authorities. AbitibiBowater disclaims any
obligation to update or revise any forward-looking information.