quote:Originally posted by kidpolio: ABWTQ multi billion dollar company. Huge news coming. do not miss out on this one anything under a quarter is like a pure gift.
Where do you see huge news coming or how do you know this? I could not find anything about this. Thanks
-------------------- Only ONE good stock away from retirement!
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news came out a bit ago but I would have thought this would have moved more than it has...
AbitibiBowater Completes Sale of Select Timberland Assets in Quebec AbitibiBowater Completes Sale of Select Timberland Assets in Quebec ABWTQ (OTC)
MONTREAL, Sept. 2 /CNW Telbec/ - AbitibiBowater announced today that it has completed the sale of approximately 121,000 hectares (300,000 acres) of private timberlands in Quebec, Canada, for C$53 million in cash. AbitibiBowater plans to use the proceeds from this sale for general corporate purposes.
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, s.e.c. Timberlands located in the Cote-Nord region were sold to Amenagements forestiers Portneuf (3908666 Canada Inc.).
AbitibiBowater produces a wide range of newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 23 pulp and paper facilities and 29 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. Marketing its products in more than 90 countries, the Company is also among the world's largest recyclers of old newspapers and magazines, and has third-party certified 100% of its managed woodlands to sustainable forest management standards. AbitibiBowater's shares trade over-the-counter on the Pink Sheets and on the OTC Bulletin Board under the stock symbol ABWTQ
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I spanked the ask today also. This is a once in a lifetime opportunity. Look at CEMJQ and SSCCQ and see what they have done in the last four months. This is the last of the huge Q plays that have not run yet. 3.5mm short and super low float. This has dollar bills written all over it. I will add all I can anything under 21 cents. I believe within the next six months this will be trading around five to ten dollars a share.
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AbitibiBowater finalizes $615-million deal to sell Quebec hydro asset
By Ross Marowits (CP) – 3 hours ago
MONTREAL — Insolvent forestry company AbitibiBowater has finalized a deal to sell its Manicouagan power plant for $615 million to a newly created joint venture formed by Hydro-Quebec and Alcoa Inc. (NYSE:AA), the aluminum company.
The agreement, which is subject to court and regulatory approvals, has been in the works since March.
It would result in the sale of AbitibiBowater's 60 per cent interest in the 335-megawatt hydroelectric facility to the provincially owned public utility. Alcoa holds the remaining 40 per cent interest.
Proceeds from the sale will be used in part to repay a US$100-million debtor-in-possession loan guaranteed by the Quebec government that comes due in November. The funds were provided by the Bank of Montreal (TSX:BMO).
The power plant sale is expected to close by Oct. 15.
Abitibi-Consolidated will also earmark about $282 million to a specially created corporation to meet obligations to Alcoa regarding potential tax consequences, pension and other liabilities. It would also provide new DIP financing on similar terms to its current credit facility.
The Canadian subsidiary would use about $57 million of the sale proceeds to pay taxes incurred by Alcoa as well as money owed for electricity purchased.
About $31 million of the proceeds will be held back for two years to secure indemnifications to Hydro-Quebec.
The forestry company will also enter into a long-term power supply agreement with Hydro Quebec's distribution division for the supply of electricity to Abitibi's mill in Baie-Comeau, Que.
AbitibiBowater, which was struggling with US$6 billion of debt, owns or operates 24 pulp and paper facilities and 24 saw mills, five wood products facilities and 32 recycling facilities in the United States, Canada, the United Kingdom and South Korea.
It employs 15,800 people around the world, including more than 11,000 in Canada.
The company has filed for Chapter 11 bankruptcy protection in the United States and for protection in Canada under the Companies' Creditors Arrangement Act.
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Good news keeps pouring in. Big time buzz on this one pure gift prices at this level. Super huge life changer right before our very own eyes.
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