The newsprint giant, which has been refused a rescue package by the Canadian government, faces a debt burden of $6 billion. AbitibiBowater filed for bankruptcy protection in the US Thursday and in Canada Friday.
The company has about 16,000 employees, including 11,000 in Canada. It has plants in Canada, the US, Britain and South Korea and marketing operations in more than 90 countries.
Apart from being the biggest producer of newsprint and commercial printing paper, AbitibiBowater is also among the world's largest recyclers of old newspapers and magazines.
The Canadian government has refused to rescue the company as any loan guarantees for it will amount to subsidy or commercial advantage to Canadian producers which could lead to a softwood lumber dispute with US companies.
Most of Canada's forest products end up in the US market.
Canadian Revenue Minister Jean-Pierre Blackburn said Friday that the only help his government could offer to the debt-ridden giant was through the export credit agency Export Development Canada.
Industry Minister Tony Clement added: "AbitibiBowater's actions represent an internal business decision and it would be inappropriate for the government to comment further during these arrangements.''
The only meagre help for the troubled Montreal company came in the form of a loan guarantee of $100-million by the provincial Quebec government as bankruptcy proceedings began in Canada.
Along with auto and oil and mineral industries, the forest products sector is the third major pillar of the Canadian economy.
copyright 2009 by ians
Royal Bank of Canada (RBC Bank) : Corporate Bully
RBC Bank President Gordon Nixon - Salary $11.73 Million
$100,000 - MISTAKE (FISHERMEN'S LOAN)
I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:[email protected]
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:[email protected]
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:[email protected]
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:[email protected]
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:[email protected]
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:[email protected]
http://www.pfraser.blogspot.com
http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY
http://www.p2pnet.net/story/17877
"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"
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