Newsprint firm AbitibiBowater has extended its restructuring plan deadline, Thunder Bay Television reported Thurday.

AbitibiBowater, which has been attempting to avoid bankruptcy in the light of falling newsprint prices, was meant to formulate a plan to attend to billions of dollars of debt. The original deadline for the plan, 11:59 on Wednesday, has now been pushed to 5 p.m. Friday.

The company attributes its debt not only to the decline in newsprint prices, leading to drops in revenue, but also to the 2007 merger between Abitibi Consolidated and Bowater, which formed AbitibiBowater Inc., TB Television reported.

Union officials commented that "high electricity costs incurred running the local operations leave (the company) vulnerable to closure should the company be forced to close down more of its mills," according to TB Television AbitibiBowater controls some 24 pulp and paper facilities.