News Releases

    • AbitibiBowater announces delay in filing annual financial statements in Canada
          ABH (NYSE, TSX)
          AXB (TSX)
          MONTREAL, March 31 /CNW Telbec/ - AbitibiBowater Inc. and AbitibiBowater
      Canada Inc. (collectively, the "Companies") announced today that they are not
      able to file their annual financial statements, accompanying management's
      discussion and analysis ("MD&A") and related CEO and CFO certifications
      (collectively, the "2008 Annual Financial Statements") for the financial year
      ended December 31, 2008, within the period prescribed for the filing of such
      documents under Parts 4 and 5 of National Instrument 51-102 and pursuant to
      National Instrument 52-109, namely within 90 days of year-end. The Companies
      expect to file the 2008 Annual Financial Statements shortly. AbitibiBowater
      Canada is an "exchangeable security issuer" that normally relies on a
      statutory exemption set forth in Part 13 of National Instrument 51-102 which
      permits it, when the conditions specified therein are satisfied, not to
      prepare and file its own financial statements and accompanying MD&A, among
      other continuous disclosure documents, and to rely on the financial statements
      and MD&A of its parent company, AbitibiBowater.
          Despite their efforts, the Companies are not currently in a position to
      timely file the 2008 Annual Financial Statements, primarily as a result of the
      time required to finalize the accounting for certain transactions, to complete
      their accounting analysis, primarily related to goodwill impairment and
      long-lived asset impairment, and to reflect and account for the outcome of a
      significant pending debt refinancing in the 2008 Annual Financial statements.
          The Companies confirm that they intend to satisfy the provisions of the
      alternative information guidelines found at sections 4.3 and 4.4 of National
      Policy 12-203 for so long as they remain in default as a result of the late
      filing of the 2008 Annual Financial Statements. During the period of default,
      the Companies will issue bi-weekly default status reports in the form of
      further press releases, which will also be filed on SEDAR. The Companies
      confirm that there are no insolvency proceedings against them as of the date
      of this press release. The Companies also confirm that there is no other
      material information concerning the affairs of the Companies that has not been
      generally disclosed as of the date of this press release.
          The Companies have made a joint application to the applicable Canadian
      securities regulatory authorities for a management cease trade order. There is
      no certainty that such order will be granted. The applicable Canadian
      securities regulatory authorities may issue general cease trade orders against
      the Companies for failure to file the 2008 Annual Financial Statements within
      the prescribed time period.
          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.
          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 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.
      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,