News Releases

    • AbitibiBowater Confirms TSX Delisting Review
          ABH (NYSE, TSX)
          AXB (TSX)
          MONTREAL, March 23 /CNW Telbec/ - AbitibiBowater confirmed today that its
      common shares (TSX: ABH) and the exchangeable shares of AbitibiBowater Canada
      Inc. (TSX: AXB) are under delisting review by the Toronto Stock Exchange (the
          In connection with the Company's previously announced recapitalization
      proposal for its Abitibi-Consolidated Inc. subsidiary, the New York Stock
      Exchange (the "NYSE") accepted the Company's application to utilize an
      exception from the NYSE's shareholder approval requirements based on the
      Company's determination that the time necessary to seek shareholder approval
      prior to the commencement of the recapitalization would seriously jeopardize
      the Company's financial viability. AbitibiBowater intends to rely on a similar
      exemption from the TSX shareholder approval requirements. AbitibiBowater
      understands that such a delisting review by the TSX is customary when a listed
      company relies on such an exemption.
          AbitibiBowater expects that its common shares and the exchangeable shares
      of AbitibiBowater Canada Inc. will continue to trade in the ordinary course
      during the TSX's review process.
          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 press 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 AbitibiBowater's proposed recapitalization and
      the continued trading of AbitibiBowater's common shares and AbitibiBowater
      Canada's exchangeable shares on the Toronto Stock Exchange. Forward-looking
      statements may be identified by the use of forward-looking terminology such as
      the words "expect," "plan," "intend," "may," "will," and other terms with
      similar meaning indicating possible future events or potential impact on the
      business or other stakeholders of AbitibiBowater and its subsidiaries.
          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, approval of the
      Company's application to rely on an exemption from the TSX shareholder
      approval requirements, the successful completion of the proposed
      recapitalization, the outcome of the TSX delisting review process regarding
      both AbitibiBowater's common shares and AbitibiBowater Canada's exchangeable
      shares, the ability to obtain additional new financing on terms satisfactory
      to AbitibiBowater or at all, the condition of the credit markets generally and
      worsening economic and industry conditions. 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 AbitibiBowater's filings with the SEC. AbitibiBowater disclaims
      any obligation to update or revise any forward-looking information except as
      required by law.
      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,