Expropriating AbitibiBowater's assets in Newfoundland cost $8 million

The professional and legal fees related to the expropriation of AbitibiBowater's assets in Newfoundland have added up to over $8 million.

The costs, covered by the Department of Natural Resources, includes environmental assessments, legal work and advice associated with Abitibi’s NAFTA challenge of the expropriation, and the timber giant’s ongoing court bankruptcy protection proceedings.

Last week a Quebec judge stayed Newfoundland and Labrador’s environmental claims against AbitibiBowater - clean-up that could potentially reach into the hundreds of millions of dollars.

The province is now weighing its options on how to proceed.

Source:

N.L. expects $8 million in fees linked to AbitibiBowater expropriation (The News)