Company officials expect AbitibiBowater to be reborn as a profitable and less indebted company in early December.
Yesterday, a U.S. Bankruptcy Court endorsed its restructuring plan, overruling creditor objections to sanction the company's plan that sheds about five-and-a-half billion dollars in unsecured debt.
The company also hopes its efforts to reduce costs and improving market conditions will help it to generate steady operating profits.
C.E.O. David Paterson says they plan to address declining paper demand by converting some production to undisclosed other product, which should prevent the need for further plant closures or layoffs.
