ABWTQ AbitibiBowater Inc., North America’s biggest newsprint maker, won final bankruptcy court approval of as much as US$600-million in financing to help fund operations while the company reorganizes.
U.S. Bankruptcy Judge Kevin Carey approved the loan from Fairfax Financial Holdings Ltd. and Avenue Investment LP in a hearing Thursday in U.S. Bankruptcy Court in Wilmington, Del. AbitibiBowater was given approval on April 17 to borrow US$206-million of the US$600-million loan on an interim basis.
The loan “provides much needed capital to the Bowater group,” Kelley Cornish, a lawyer for AbitibiBowater, said when the company got interim approval. “We need it to establish credibility,” and to prevent the company’s competitors from taking away business.
The company listed assets of US$9.9-billion and debt of US$8.78-billion as of Sept. 30 in its Chapter 11 petition.
Mr. Wildman says Do your own DD
Mr. Wildman says Do your own DD 
