Creditors OK AbitibiBowater Bankruptcy Plan In Canada

Law360, New York (September 14, 2010, 7:51 PM EDT) -- Creditors approved AbitibiBowater Inc.'s plan of reorganization in a Canadian court Tuesday, but it faces an uphill climb in proceedings in the U.S. after a judge suggested naming a trustee to help unravel a cross-border dispute between the newsprint company and a pair of hedge funds.

"We appreciate the support given by the significant majority of our creditors under the [Companies' Creditors Arrangement Act] process for our plan of reorganization," said David J. Paterson, AbitibiBowater president and CEO. "We are confident our restructuring efforts have created...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.