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AbitibiBowater Can Obtain Another $100M In DIP Cash

Law360 (May 7, 2009, 12:00 AM EDT) -- A superior court judge in Quebec has approved a further $100 million in debtor-in-possession financing for North America's largest newsprint producer, AbitibiBowater Inc., as it navigates joint bankruptcy proceedings in Canada and the U.S.

The order, which was approved by a judge in Quebec Superior Court on Wednesday, will allow AbitibiBowater to enter a loan agreement with Canada's Bank of Montreal, the company announced.

Investissement Quebec, the province's investment agency, will guarantee the $100 million loan, according to AbitibiBowater.

The DIP funding provides additional short-term liquidity...
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