OTTAWA, June 17 /CNW Telbec/ - Export Development Canada (EDC) today
announced it provided USD 42.1 million as part of a USD 270 million syndicated
Debtor in Possession (DIP) facility for Abitibi Consolidated Inc. (Abitibi).
"EDC and Abitibi have a longstanding relationship, so EDC was happy that
it could help provide some much needed support at a critical time in its
restructuring efforts," said Eric Siegel, President and CEO of EDC.
The DIP will provide Abitibi with working capital financing to maintain
on-going liquidity while under the Companies' Creditors Arrangement Act (CCAA)
and Chapter 11 in the U.S.
The transaction marks EDC's first participation in a syndicated DIP
"EDC has been a trusted partner for more than 40 years and its support of
our risk management and financing programs is very much appreciated," said
William Harvey, Senior Vice President and Chief Financial Officer of
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by more than 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.
For further information:
For further information: Media contact: Phil Taylor, Export Development
Canada, (613) 598-2904, Blackberry: firstname.lastname@example.org