AbitibiBowater recently made further moves to escape from insolvency.

The company sold its 60% indirect interest in the 335-MW hydroelectric facility currently owned and operated by Mani cou a gan Power Company to Hydro-Quebec for $C615 million. The proceeds were used to repay sums due under its bankruptcy protection status. Hydro-Quebec will supply the company's Baie Co meau, QC paper mill with electricity.

In September, AbitibiBowater sold about 121,000 hectares (300,000 acres) of private timberlands in Quebec for $C53 million cash, the proceeds to be used for general corporate purposes. Timberlands in the Mauricie, Charlevoix and Saguenay regions were sold to two newly formed limited partnerships held by Société de gestion d'actifs forestiers Solifor, s.e.c. Timber - lands in the Cote-Nord region were sold to Amenage ments forestiers Portneuf (3908666 Canada Inc.).

It also sold, for an undisclosed sum, the shuttered Belgo mill in Shawinigan, QC to Recyclable Arctic Beluga Inc., a move said to save the company $C2.3 million a year. Belgo stopped production in February 2008.

As well, the company was allowed to switch overseas shipping companies and save a potential $C12.1 million over five years. www.abitibibowater.com