AbitibiBowater Gets Access To $206M In DIP Cash

Law360 (April 20, 2009, 12:00 AM EDT) -- A federal bankruptcy judge presiding over the restructuring of AbitibiBowater Inc., North America's largest newsprint producer, has approved $206 million in debtor-in-possession financing from investment firm Fairfax Financial Holdings Ltd. and hedge fund Avenue Investments LP.

Judge Kevin J. Carey in the U.S. Bankruptcy Court for the District of Delaware issued an interim order on Friday granting the newsprint company's 13 first-day motions, including the request for the DIP agreement.

Judge Carey allowed for up to $600 million in post-petition financing from Fairfax, subject to a...
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