AbitibiBowater gets Bankruptcy Protection
20 Apr, 2009
It was just announced today that AbitibiBowater, the forestry company whose assests were confiscated by the provincial government when they pulled their operations out of the province, has been granted bankruptcy protection.
I was reading an article in Canadian Business recently when they were rated as one of the biggest losers in the country and it was unlikely that they would be eligible for bankruptcy protection. At the time I laughed joyfully to myself, but sure enough, here we are.
AbitibiBowater was a terrible company and deserves nothing of the sort.
They were a desctructive forestry company that, when they weren’t clear cutting the beautiful forests in Newfoundland or introducing coyotes to the province who fearlessly poached small game here to the brink of extinction, they were laying off dependant local workings with little to no severance.
This company has taken advantage of Newfoundland for almost 100 years. They hardly deserve to be protected against any debt collectors.