RE: A is done!The reality is that Abitibi is generating free cash. Earnings really are irrelevant. Even losing 25 cents EPS annually and the incremental cash required to fund the pension shortfall, they generate about $300M in cash from operations. Capex has averaged about $200M over the last 3 years and Weaver indicated in the Q3 conference call that it would be $200M again in 2007. That leaves $100M in free cash so bankruptcy is really not in the cards anytime soon.
I think this is a great buying opportunity.