AbitibiBowater files for creditor protection in US and Canada
Client
364-Day Secured Term Loan Lenders
On April 16, 2009, pulp and paper giant AbitibiBowater Inc. and certain of its US and Canadian subsidiaries filed voluntary petitions in the US under Chapter 11 of the United States Bankruptcy Code ("Chapter 11"). The following day, AbitibiBowater and certain of its Canadian subsidiaries sought creditor protection under the Companies' Creditors Arrangement Act ("CCAA") in Canada.
In this high-profile cross-border insolvency and restructuring case, Fasken Martineau acts for the 364-day secured term loan lenders, having a consolidated secured claim against both the Canadian and US debtors in excess of US$350 million. These lenders are one of only two groups of secured creditors of the Abitibi-Consolidated Inc. debtors. The Fasken Martineau team is led by team led by Xeno Martis and Alain Riendeau.
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