Pension Deal Assists AbitibiBowater Exit Plan

Law360, New York (November 19, 2010, 6:24 PM EST) -- AbitibiBowater Inc. announced Friday that it has reached an agreement with the government of Ontario to ensure the full funding of its pension program in the Canadian province, inching the newsprint company ever closer to resolving its 18-month, cross-border restructuring process.

The agreement is comparable to one reached with Quebec in September, and both were mandated by the company’s restructuring plans in the U.S. and Canada. The deals provide funding relief to meet future obligations to the company’s 20,000 pensioners in the two provinces, according to...
To view the full article, register now.