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Abitibi Bowater said Thursday it will continue daily operations and meet its payroll as it deals with US$6 billion of debt while under the protection of courts in Canada and the United States. bankruptcy code, and its Canadian equivalent, after failing to refinance debts at its Bowater and Abitibi Consolidated subsidiaries.

AbitibiBowater made its Chapter 11 filing in Delaware on Thursday and said it will filed under the Companies' Creditors Arrangement Act in Canada on Friday.

to work on many cost issues, but this isn't about the wages and benefits of our members," he said. "It's not labour costs that have put the company in jeopardy. It's their mismanagement and their debt load."

AbitibiBowater shares were suspended from trading Thursday on the Toronto Stock Exchange.

Moody's Canada said it views the bankruptcy filing as a "default" and is expected to withdraw its credit rating in the coming days, said Ed Sustar, senior analyst of Forest Products.

"Now that the company has put itself under court directed restructuring, equity holders are in an even more uncertain and critical position," he wrote.

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Bechard also said the Quebec government could also offer financial aid to help keep the maximum number of jobs in the province.

MONTREAL Thousands of employees of debt laden AbitibiBowater Inc. (TSX:ABH) face months of uncertainty about their jobs and pensions while the newsprint producer operates under bankruptcy protection.

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Desjardins Securities analyst Pierre Lacroix wrote in a note that AbitibiBowater has been on shaky ground given its financial situation within the current "credit restricted environment."

"Our Quebec public forests, which belong to Quebecers, must be used to employ the most workers in Quebec and in all of the regions of Quebec," Natural Resources Minister Claude Bechard said in Quebec City.

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About 11,600 of the employees are represented by unions, predominantly the CEP in Canada and the United Steelworkers in the United States.

Local Company spokesman Jean Philippe Cote said Thursday that AbitibiBowater will not be making the severance payments to its former employees in the province at least not for the time being. Cote said pension payments are not affected.

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Last year, the company announced the shutdown of a century old paper mill in Grand Falls, Nfld., cutting more than 800 jobs, as part of an earlier round of streamlining to deal with excess capacity and lower demand.

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AbitibiBowater has already cut 4,000 jobs since the merger of predecessors Abitibi Consolidated and Bowater Inc. in 2007, creating one of the world's largest paper producers.

Both laws are designed to allow companies to continue operating while working with their creditors from lenders to suppliers to employees to governments under court supervision.

In a document filed with the Delaware bankruptcy court, the company said it has about 15,800 active employees around the world, including about 11,268 in Canada and 3,920 in the United States.

"So that means the processing of wages, salaries, benefits that will all continue in the ordinary course at this time."

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The Quebec government said it's not prepared to abandon the jobs in the province's forest industry without a fight, saying they are critical to the survival of regional communities.

assets and water and timber rights, despite the company's objections and threat of a challenge under the North American Free Trade Agreement.

the Internet grows continue to reduce overall demand.

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Company spokesman Seth Kursman wouldn't comment on what form the restructuring will take.

Kursman said it will be business as usual during the restructuring for the company, which operates 23 pulp and paper and 30 wood products mills in Canada, the United States, the United Kingdom and South Korea.

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The Newfoundland and Labrador government has taken over the hydroelectric power plant at the mill after passing a law to expropriate the Nike Waterproof Jacket Mens

"Let's not speculate in the future about what actions are going to be undertaken at any given facility or across the company," Kursman said.

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AbitibiBowater faces trouble in its markets as demand for pulp, lumber, newsprint, other paper products and cardboard are all expected to be squeezed by the recession.

´╗┐AbitibiBowater files for bankruptcy protection in Canada and U

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Dave Coles, president of the Communications, Energy and Paperworkers Union, said his top priority is to ensure that the pensions and benefits of the company's retirees and its current unionized workers are protected in any court sponsored restructuring.

Coles said he suspects that workers will be asked for concessions to help the company through its restructuring.

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"Then the next issue is to ensure that we Nike Windrunner Men's Jacket Black save and maintain as many jobs and communities that is at all possible across Canada," Coles said from Ottawa.

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