Troubled forestry giant AbitibiBowater Inc., which has more than 11,000 employees in Canada, has been granted bankruptcy protection in both Canada and the U.S.
AbitibiBowater said it had no choice because it couldn’t get its debt problems under control.
The eighth largest publicly traded pulp and paper manufacturer in the world has been delisted by the New York Stock Exchange. The Toronto Stock Exchange, where trading in the company is currently suspended, has served notice it will delist AbitibiBowater shares next month.
