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
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
SOURCE TURNAROUND MANAGEMENT ASSOCIATION
For further information:
Vice President, Ernst & Young Inc.
Vice President, Turnaround Management Association, Montreal chapter
514 874 4641