AbitibiBowater Offers Concessions To Bondholders

Law360, New York (November 12, 2010, 7:16 PM EST) -- AbitibiBowater Inc. on Friday proposed sending a subsidiary into bankruptcy protection in Canada to break an impasse in negotiations over confirmation of the company’s Chapter 11 plan.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, the debtors said that allowing Bowater Canada Finance Corp. to file for bankruptcy in Canada would be a fair remedy to the objections of the subsidiary’s bondholders, who claim the reorganization plan sacrifices the interests of BCFC and its creditors to maximize the return for the...
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