AbitibiBowater named Turnaround of the Year 2010

MONTREAL, May 11 /CNW Telbec/ - AbitibiBowater Inc. was named Turnaround of the Year 2010 by the Montreal chapter of the Turnaround Management Association (TMA) earlier today. More than 110 people from the Quebec business community gathered at the Mount Stephen Club for the presentation of the award.

The TMA recognized the magnitude and complexity of the restructuring of AbitibiBowater Inc., which emerged from creditor protection in Canada and the US in December 2010.

An overview of the AbitibiBowater Inc. restructuring was presented by two Montreal professionals: Martin Daigneault, Senior Vice President of Ernst & Young Inc., court-appointed Monitor under Companies' Creditors Arrangement Act proceedings; and Guy Martel, Partner at Stikeman Elliott LLP, external legal counsel.

The restructuring process involved an unprecedented number of cross-border implications and many challenges in finding an equitable way to apply the sometimes divergent Canadian and US laws.

"The event provided an excellent opportunity to demonstrate to other TMA members, partners and guests the lessons learned from such a high-profile and massive restructuring," says Deborah Conroy, Vice President, Ernst & Young Inc., and Vice President, TMA, Montreal chapter. "This, in turn, fosters the development of best practices for future turnarounds and restructuring files of all sizes."

About the TMA
Established in 1988, the TMA has more than 9,000 members in 47 chapters, including 32 in North America. The TMA is the only international non-profit association dedicated to corporate renewal and turnaround management. Its international headquarters is in Chicago. For more information on the TMA, please visit turnaround.org.

About AbitibiBowater Inc.
AbitibiBowater is a global leader in the forest products industry, producing a diverse range of products, including newsprint, commercial printing and packaging papers, market pulp and wood products. The company owns or operates 18 pulp and paper mills and 24 wood products facilities in the US, Canada and South Korea. Marketing its products in more than 70 countries, AbitibiBowater is also among the largest recyclers of old newspapers and magazines in North America, and has third-party certified 100% of its managed woodlands to sustainable forest management standards. AbitibiBowater's shares trade under the stock symbol ABH on both the New York Stock Exchange and the Toronto Stock Exchange.

SOURCE TURNAROUND MANAGEMENT ASSOCIATION

For further information:

Deborah Conroy
Vice President, Ernst & Young Inc.
Vice President, Turnaround Management Association, Montreal chapter
debbie.conroy@ca.ey.com
514 874 4641

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TURNAROUND MANAGEMENT ASSOCIATION

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