AbitibiBowater Gets Debt Restructuring Extension
By 250 News
Tuesday, March 24, 2009 03:56 AM
Mackenzie, B.C.- AbitibiBowater has dodged the bankruptcy bullet again after being granted an extension to come up with a plan to restructure a $1.8 billion dollar debt load.
The company now has until 11:59 Wednesday night (EDT) to come up with some sort of deal with its lenders.
This is the third extension granted to the company.
AbitibiBowater closed it’s facilities in Mackenzie last year and since then has indicated it would be willing to sell the facilities if a buyer were to come along.
Just a couple of months ago, Minister of Forests and Range, Pat Bell, indicated some optimism about the facilities being sold saying there have been some serious potential buyers looking at the sawmill and paper production.
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