AbitibiBowater To Seek Creditor Approval Of Plan

Law360, New York (August 2, 2010, 4:12 PM EDT) -- A bankruptcy court has allowed newsprint producer AbitibiBowater Inc. to start soliciting acceptances of its Chapter 11 reorganization plan, moving it closer to leaving bankruptcy, the company said Monday.

AbitibiBowater said it had won approval for its solicitation materials in the U.S. Bankruptcy Court for the District of Delaware and that it plans to start mailing them around Aug. 9. The official committee of unsecured creditors already supports the plan, it said.

"These developments signal significant progress in AbitibiBowater's restructuring process," CEO David J. Paterson said....
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