2009-05-07
10:12:11
AbitibiBowater has received court approval for $100 million dollars in government-backed debtor funding for its Canadian subsidiary.
A Quebec Superior Court judge ruled yesterday that the funding for Abitibi-Consolidated is required to help the paper and lumber producer to restore stability as it attempts to hammer out a restructuring plan.
A potential duel between the judge and the Quebec government was averted when Premier Jean Charest's cabinet agreed to remove a contentious clause imposing its own monitor in case of default and the loan isn't repaid by November 1.
