AbitibiBowater announced recently that nine individuals have been selected to serve, along with current Board Chairman Richard B. Evans and President and Chief Executive Officer David J. Paterson, on a newly constituted board of directors. The term of this new board will begin when the Company's Plans of Reorganization receive creditor approval and confirmation by the U.S. and Canadian Courts, and the Company emerges from creditor protection under Chapter 11 of the United States Bankruptcy Code and the Companies' Creditors Arrangement Act (CCAA) in Canada. The designated Non-Executive Chairman of the Board will be Richard B. Evans, continuing AbitibiBowater's current governance practices of having a non-executive serve as Chair and a majority of independent directors.
Under the terms of the Plans of Reorganization and Disclosure Statements filed with the U.S. Bankruptcy Court and the Quebec Superior Court, a search committee - consisting of representatives from the Unsecured Creditors' Committee, the Ad Hoc Unsecured Noteholders Committee and the Company - selected the board of the restructured company. The search committee hired the independent search firm of Russell Reynolds Associates to support the selection process.
"We are pleased to welcome this new board into the AbitibiBowater family," said David Paterson. "This group of individuals represents some of the top business leaders in North America, bringing a broad range of skills and expertise as well as an unwavering commitment to corporate governance and business ethics. We are very thankful for their interest in serving on the board and are confident that the new company will benefit from their vision and depth of experience."
"This has been a challenging period for the Company, and our current board of directors have provided important strategic direction and an uncompromised level of dedication throughout the credit protection process. Their diligence and support has been instrumental to the Company's transformation and restructuring efforts. As we move toward emergence this fall, I would like to once again thank each of them for their unwavering support. On behalf of myself, the Company and all AbitibiBowater stakeholders, we are sincerely grateful," stated Richard Evans.
