On October 27, 2005, Abitibi- Consolidated Inc., together with its US affiliate Abitibi Consolidated Sales Corp., finalized a US$300 million trade receivables securitization facility with Citibank, NA as agent for the purchasers. Under the facility, Abitibi will sell its North American trade receivables to a newly formed wholly owned subsidiary, Abitibi Consolidated US Funding Corp., which will then sell ownership interests in the receivables to a multi-seller conduit managed by Citibank, as well as to certain other purchasers.
The Abitibi legal team was led by in- house counsel Thierry Brossard, and assisted by Paul, Weiss, Rifkind, Wharton & Garrison LLP as US counsel, with a team that included Jordan Yarett and Stephen Stites; and Stikeman Elliott LLP as Canadian counsel, with a team that included Sterling Dietze, Robert Hogan and Mark McElheran.
Citibank was represented by Kaye Scholer LLP as US counsel, with a team that included Eric Marcus, Sheryl Gittlitz, Richard Brown, Jeremy Dardick and Willys Schneider; and Blake, Cassels & Graydon LLP as Canadian counsel, with a team that included Mark Selick, Martin Herman and Kathleen Penny.
The Abitibi legal team was led by in- house counsel Thierry Brossard, and assisted by Paul, Weiss, Rifkind, Wharton & Garrison LLP as US counsel, with a team that included Jordan Yarett and Stephen Stites; and Stikeman Elliott LLP as Canadian counsel, with a team that included Sterling Dietze, Robert Hogan and Mark McElheran.
Citibank was represented by Kaye Scholer LLP as US counsel, with a team that included Eric Marcus, Sheryl Gittlitz, Richard Brown, Jeremy Dardick and Willys Schneider; and Blake, Cassels & Graydon LLP as Canadian counsel, with a team that included Mark Selick, Martin Herman and Kathleen Penny.
