Davis Polk advised Citigroup Global Markets, Inc., Barclays Capital and J.P. Morgan Securities LLC as joint lead arrangers and joint bookrunners, and Citibank, N.A., as administrative agent, of a $600 million asset-based revolving credit facility for AbitibiBowater Inc. to finance the company's emergence from bankruptcy protection on December 9, 2010. In April 2009, the company and certain of its U.S. and Canadian subsidiaries filed voluntary Chapter 11 petitions in the Delaware Bankruptcy Court and also sought creditor protection under the Canadian Companies' Creditors Arrangement Act with the Superior Court of Quebec. Proceeds of the exit financing were used to repay in full substantially all of the company's prepetition secured debt, as well as its debtor-in-possession financings, including a Citi-led accounts receivable securitization for which Davis Polk had also acted as Citi's counsel.

AbitibiBowater Inc. is a leading global forest products company that specializes in newsprint, coated mechanical and specialty papers, pulp and wood products. The company is also one of the world's largest recyclers of newspapers and magazines. Formed through the 2007 combination of Abitibi and Bowater, AbitibiBowater Inc. is headquartered in Montreal, Quebec.

The Davis Polk financing team included partners Bradley Y. Smith and Jason Kyrwood and associates Kenneth J. Steinberg, Tenley Laserson Chepiga, Eric L. Ruiz, Kristina M. Lee and Gina Y. Pak (not yet admitted). Associates Brian M. Resnick and Eli James Vonnegut provided bankruptcy advice. Counsel Susan D. Kennedy and associate Joshua Erez provided real estate advice. Counsel Betty Moy Huber and associate Emma L. Ahrens provided environmental advice. Partner Rachel D. Kleinberg of the Menlo Park office provided tax advice. Except as noted above, all members of the Davis Polk team are based in the New York office.