May 05, 2010. /Lesprom Network/. AbitibiBowater Inc. has filed its restructuring plan that will see its current shareholders wiped out and unsecured creditors own a stake in the reorganized company, as The Canadian Press reported. The plan will also see non-disputed pre-petition secured, administrative, debtor-in-possession and other priority claims paid in full in cash. Before emerging from creditor protection, the company must secure exit financing and address labour costs and pension issues, as well as other conditions. "The filing of these documents is an important step in AbitibiBowater's creditor protection proceedings and a precursor to a key milestone we intend to reach in the near future with the filing of the plan's disclosure documents and proxy materials," President and CEO David Paterson said in a statement. "While we recognize the consequences this plan outlines for our current common stockholders, this result was necessary in order to meet our overall obligations to creditors and effectively restructure for the future." AbitibiBowater owns or operates 22 pulp and paper plants and 26 wood products facilities in the United States, Canada and South Korea. The filed for protection from creditors last year amid mounting losses and has been streamlining operations, cutting jobs and selling money-losing mills and other assets to restructure its balance sheet and cope with the company's large debts.