AbitibiBowater completes C$53 million sale of private timberlands

By Caroline Salls

Pittsburgh, Sept. 2 - AbitibiBowater has completed the C$53 million sale of 300,000 acres of private timberlands in Quebec, according to a company news release.

The company said it plans to use the sale proceeds for general corporate purposes.

According to the release, timberlands located in the Mauricie, Charlevoix and Saguenay regions were sold to two newly formed limited partnerships held by Societe de gestion d'actifs forestiers Solifor, sec. Timberlands located in the Cote-Nord region were sold to Amenagements forestiers Portneuf, or 3908666 Canada Inc.

AbitibiBowater, a Montreal-based producer of newsprint, commercial printing papers, market pulp and wood products, filed for bankruptcy on April 16 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-11296.

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