AbitibiBowater Presents Plan

AbitibiBowater has filed its restructuring plan that will see its current shareholders wiped out and unsecured creditors own a stake in the reorganized company.

The plan will also see non-disputed pre-petition secured, administrative, debtor-in-possession and other priority claims paid in full in cash.

Before emerging from creditor protection, the company must secure exit financing and address labour costs and pension issues, as well as other conditions.