AbitibiBowater Says It's On Its Way Out Of Bankruptcy

MONTREAL (AP) -- Canadian newsprint maker AbitibiBowater Inc. said Tuesday that a majority of its unsecured creditors have approved its plan for reorganization under Canadian bankruptcy law.

The Montreal-based company filed for bankruptcy protection more than a year ago and has been soliciting votes from creditors.

The company's plan will require creditor approval and confirmation by the U.S. and Canadian Courts.

AbitibiBowater said it has received the votes it needs, except with respect to Bowater Canada Finance Corp., a special-purpose subsidiary with no operating assets.

The company doesn't anticipate that will materially delay its plans to emerge from bankruptcy this fall.
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