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Abitibibowater INC. - English
AbitibiBowater Announces Signing of C$615 Million Agreement in Principle for the Sale of Interest in Manicouagan Hydroelectric Facility
April 3rd, 2009
AbitibiBowater Inc. announced it has signed a non-binding agreement in principle with Hydro-Quebec for the sale of its 60 percent interest in the hydroelectric facility located on the Manicouagan River (the "Facility"), for gross proceeds of C$615 million. Both parties have committed to an expedited timeline, consistent with the Company's comprehensive recapitalization plan also announced. Due diligence for this transaction is currently under way. The Facility, located in Quebec, Canada, was established in 1949 and has the capacity to generate approximately 335 MW of electricity. AbitibiBowater, through its Abitibi-Consolidated Company of Canada subsidiary, owns a 60...
Source: Health Business Week (2009-04-03)
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