Bruce Robertson will lead the efforts by AbitibiBowater to emerge out of bankruptcy protection, after April 2009 filings in both Canada and the United Sates. Robertson, operating under the official title of Chief Restructuring Officer, most recently served as Senior Managing Partner at Brookfield Asset Management Inc., where he managed over US$7 billion in North American distressed private equity, bridge lending, and real estate finance strategies.
“We are pleased to have Bruce Robertson on board and to share his expertise in corporate finance and restructurings,” stated AbitibiBowater CEO David Paterson.
On June 17, AbitibiBowater received approval for an amendment and restating of its existing accounts receivable securitization program for the Company’s Abitibi-Consolidated subsidiary. Citibank and Barclays Capital Inc. were announced as joint lead arrangers for the amended US$270-million program, which provided the company with the liquidity necessary to continue operations.