Blaming Internet, Newsprint Co. Files For Ch. 11

Law360, New York (April 16, 2009, 12:00 AM EDT) -- AbitibiBowater Inc., North America's largest newsprint producer, filed for Chapter 11 bankruptcy protection Thursday, citing falling revenues due to price competition and the growth of electronic media.

The Montreal-based company and 31 of its affiliates petitioned the U.S. Bankruptcy Court for the District of Delaware, with a plan to file in Canada on Friday.

“The company has concluded that there are no viable alternatives to its previously announced proposed refinancing of its Bowater and Abitibi-Consolidated subsidiaries, and as a result has determined that the best course...
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