Abitibi signs pension deal in Ontario; moves closer to bankruptcy court exit

摘要

AbitibiBowater struck a deal with the government of Ontario providing pension funding relief that helps clear the way for the company to exit bankruptcy protection. The agreement is similar to one the company reached with the government of Quebec in September and is a condition of its court-supervised restructuring. Both deals become effective when the company emerges from creditor protection, and stipulate that Abitibi will meet its pension obligations in full despite its "material aggregate solvency issues".