AbitibiBowater Receives Court Orders to Call for Employee and Other Creditor Claims
US$ ABWTQ (OTC)
MONTREAL, Feb. 24 /CNW Telbec/ - AbitibiBowater announced today the Company has received approval for a process to call for employee and other specified creditor claims (the "Second Claims Process") by the Quebec Superior Court in Canada and the U.S. Bankruptcy Court for the District of Delaware. This Second Claims Process follows an earlier call for specified creditor claims which was approved by the courts and announced on September 4, 2009 (the "First Claims Process").
The Second Claims Process outlines the procedures by which specified creditors can make claims against the Company. These specified creditors include, among others: certain creditors that were not subject to the First Claims Process, such as Company employees who were active as at April 16, 2009, or thereafter; certain creditors who may have claims arising from the breach or repudiation of contracts arising after August 31, 2009; and certain Company lenders. A comprehensive listing of procedures and specified creditors has been included in the Thirty-Second Report of the Monitor, a link to which can be found on abitibibowater.com.
Under the Second Claims Process, creditor claims must be received by 4:00 p.m. (Eastern Daylight Time) on April 7, 2010.
The Monitor, Ernst & Young Inc., and the Company's Claims Agent, Epiq Bankruptcy Solutions, LLC, will be mailing proof of claim packages to all known specified creditors. In addition, a copy of the court orders and the proof of claim package will be available through a link on abitibibowater.com. Creditors, or any other interested parties, who do not receive a proof of claim package can obtain the information through the Company website.
More information about AbitibiBowater's restructuring process can be found at www.abitibibowater.com or by calling toll-free 888 266-9280. International callers should dial 503 597-7698.
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 22 pulp and paper facilities and 27 wood products facilities located in the United States, Canada 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 over-the-counter on the Pink Sheets and on the OTC Bulletin Board under the stock symbol ABWTQ.For further information: Investors: Duane Owens, Vice President, Finance, (864) 282-9488; Media and Others: Seth Kursman, Vice President, Public Affairs, Sustainability & Environment, (514) 394-2398, firstname.lastname@example.org