Shearman & Sterling represented Fairfax Financial Holdings Ltd., a Toronto-based financial services holding company, as administrative agent, collateral agent and initial lender of a $206 million senior secured superpriority debtor-in-possession term loan credit facility for AbitibiBowater Inc., Bowater Incorporated and Bowater Canadian Forest Products Inc. in the Chapter 11 cases of AbitibiBowater Inc. and over 30 of its subsidiaries. The facility provides for separate financings for United States and Canadian borrowers. AbitibiBowater is the world’s largest producer of newsprint by capacity. The financing helps to allow AbitibiBowater to operate in the ordinary course during its Chapter 11 case and corresponding bankruptcy court proceedings in Canada.

The Shearman & Sterling team included partners Douglas P. Bartner (New York-Bankruptcy & Reorganization), Constance A. Fratianni (New York-Finance) and Fredric Sosnick (New York-Bankruptcy & Reorganization), counsel Christopher T. Poggi (New York-Finance) and Jeffrey L. Salinger (New York-Property/Environmental) and associates Kevin Boon (New York-Finance), Emeka C. Chinwuba (New York-Finance), Laura R. Chirita (New York-Property), Erin L. Ferrell (New York-Bankruptcy & Reorganization), Nicole E. Kearse (New York-Finance), Carl B. McCarthy (New York-Bankruptcy & Reorganization), Eva A. Rasmussen (New York-Executive Compensation & Employee Benefits) and Kerri N. Silver (New York-Bankruptcy & Reorganization).