2009-04-01
07:51:18
AbitibiBowater is now considering new restructuring options after missing a deadline to refinance debt for its U-S subsidiary.
Debt exchange offers meant to help refinance Bowater's 1-point-8 billion debt expired Tuesday night and have been terminated. The refinancing was to be a crucial part of an overall two-point-4 billion recapitalization effort. AbitibiBowater is hoping to avoid seeking bankruptcy protection and says it is exploring other restructuring alternatives.
Wednesday's announcement comes a day after company failed to submit its quarterly and year end financial reports and ratings service Standard & Poor's lowered several ratings for Abitibi-Consolidated, the company's Canadian subsidiary.
