Bowater files for bankruptcy protection to continue operations
Clients Bowater Inc.
Jones Day represented Bowater Inc. as conflicts counsel in its chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware. Bowater (now reorganized as AbiBow US Inc.) is the world's largest producer of newsprint, with total assets and liabilities of approximately $7 billion and $9 billion, respectively. Specifically, Jones Day was retained to assist in the resolution of claims asserted against Bowater in connection with the $600 million in unsecured notes issued by Bowater Canada Finance Corporation, a subsidiary of Bowater Inc., which notes are guaranteed by them. Recently Jones Day was involved in a two-day contested hearing before Judge Carey in connection with this matter. Closing argument is scheduled for January 2012.