Windsor Star

AbitibiBow­ater inks pension deal

-

WILMINGTON, DEL. AbitibiBow­ater Inc. said it has reached an agreement on pensions with the government of Ontario that will help clear the way for the paper company to exit bankruptcy.

AbitibiBow­ater, the world’s largest newsprint company, reached a similar agreement with the government of Quebec in September.

Both deals provide that the company will meet pension obligation­s in full despite “material aggregate solvency deficits.”

The company said it has 20,000 pensioners in Ontario and Quebec.

The company, which filed for bankruptcy in April 2009, also reached a five-year agreement with Ontario over investment levels in regard to pulp and paper operations in the province.

Newspapers in English

Newspapers from Canada