AbitibiBowater names chief restructuring officer

AbitibiBowater has appointed Bruce Robertson, a former senior managing partner at Brookfield Asset Management Inc., as chief restructuring officer as it tries to work its way out of bankruptcy protection.

The Montreal-based newsprint and lumber producer, hit hard by a downturn in U.S. house construction and publishing, has been under court protection from creditors since mid-April and was delisted from the Toronto Stock Exchange on May 15.

Robertson managed more than $7 billion in North American distressed private equity, bridge lending and real estate finance at Brookfield, which has a long history of investing in resource companies, including many in the forestry industry. He has also served on a number of private and public boards.

Robertson will report to David Paterson, AbitibiBowater's president and chief executive officer.

"We are pleased to have Bruce Robertson on board and to share his expertise in corporate finance and restructurings," Paterson said in a release Thursday.

"I look forward to working closely with Bruce and the company's board, management and creditors to move, as quickly as possible, towards a negotiated settlement of claims and a comprehensive restructuring plan that will make AbitibiBowater a stronger, more sustainable organization," he said.

AbitibiBowater owns or operates 23 pulp and paper facilities and 30 wood products facilities in the United States, Canada, the United Kingdom and South Korea.