Abitibi Consolidated has until July 1st to make an announcement involving the Lufkin division, or they will have to pay back taxes for 2005 and 2006.
Abitibi Consolidated is merging with Bowater, another paper company, based out of South Carolina. That merge is supposed to go through in the third quarter.
But Abitibi only has until July 1st to make an announcement for the Lufkin division, or they will have to pay all abated taxes to Angelina County and Angelina College. If they miss the deadline, then all agreements are void.
No announcement is expected until after the merge.