Feds settled case for $130-million after Williams seized assets in 2008
Newfoundland premier Danny Williams—who seized assets from newsprint maker AbitibiBowater in 2008 after the company closed its struggling mill—says his province will not help the federal government pay a $130-million settlement to the company. AbitibiBowater is a Montreal-based newsprint company registered in Deleware, which made it eligible to sue Canada for $500 million in damages after Williams expropriated timber, hydro and water rights, plus the mill itself. Williams says he’s “very, very pleased,” to hear of the settlement and says he does not regret his decision to take back timber and hydro rights, although he says he should not have expropriated the mill itself. It’s unclear if the federal government will be able to claw back any money from the province.