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November 17, 2008 Attached is an update on ABH. ABH continues to lose money at an alarming rate, but this could change soon. The devaluation of the C$ at the beginning of the fourth quarter should create and opportunity for ABh to approach profitability. Additionally, ABH amended their credit facilities for their Bowater subsidiary by accepting a 125 basis point increase on their Bowater loans in exchange for the alleviation of their covenants that would have forced them to reduce debt by November 15. We continue to believe that ABH's creditors would rather make adjustments than to force ABH to restructure. Also, we would like to remind all of you of our Christmas party to be held at the 21 club in NYC on the week of December 15th. A specific date will be provided shortly. Faithfully, Joseph G Reagor |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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