AbitibiBowater cancels auction, names WM Recycle winning bidder

By Caroline Salls

Pittsburgh, Dec. 10 - AbitibiBowater Inc. said the Dec. 14 auction for its recycling assets has been canceled since no qualified bids were received other than the $12.5 million stalking horse bid submitted by WM Recycle America, LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As a result, the company said WM Recycle's bid has been designated the highest and best offer for the assets.

A sale hearing is scheduled for Dec. 16.

AbitibiBowater, a Montreal-based producer of newsprint, commercial printing papers, market pulp and wood products, filed for bankruptcy on April 16, 2009. Its Chapter 11 case number is 09-11296.

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