15 May 2009
Quebecor World loss improves in first quarter; restructuring plan released to creditors yesterday
MONTREAL—Quebecor World reported a net loss of US$125.9 million in the first quarter of 2009, for the period ending March 31, compared to a loss of US$190.0 million in the same period last year.

In the first quarter the company generated US$752 million in revenues, down from US$1.0 billion in the first quarter of 2008.

Quebecor World, which is still operating under creditor protection, says it took a variety of cost-cutting measures in 2008, including reducing its workforce by 12%, and slashing administrative expenses. It also attributes the first quarter loss to the ongoing recession.

On Tuesday, RR Donnelly sent an unsolicited bid to Quebecor World to purchase its assets and properties for US$1.35 billion. Quebecor World said it would review the offer with major stakeholders and advisors. Yesterday, Quebecor World received approval from the Quebec Superior Court to distribute its restructuring plan to creditors. A similar motion is expected to get U.S. court approval today.

A creditor’s meeting is scheduled for June 18 in Montreal to vote on the proposed restructuring. A new name for Quebecor World will likely be announced in the coming weeks, prior to the meeting.


 



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