Abitibi close to getting out of bankruptcy

AbitibiBowater could end nearly eighteen months of creditor and bankruptcy protection on October 1 if its restructuring plan wins creditor support next month. A meeting on the plan takes place August 26th. The plan would see unsecured creditors receiving between nothing and 48 per cent when their debt is converted to equity, depending on their class. Current shareholders will walk away empty-handed. Others fall somewhere in between, including workers who received no severance when their mills were shut over the past year.