21 July 2009
Quebecor World exits creditor protection, gets new "old" name
MONTREAL—The saga enters a new era: Quebecor World Inc. and its affiliated debtors and debtors-in-possession announced today they have successfully emerged from protection under the Companies' Creditors Arrangement Act in Canada and Chapter 11 of the U.S. Bankruptcy Code.

The company also announced it will not adopt the previously reported new name, Novink, which according to one source was poorly received. The new name will, in fact, be an old name: World Color Press Inc., which was previously the name of one of the merged companies (based in the U.S.) that created Quebecor World in 1999.

A press release issued late today further stated:

[Quebecor World and its affiliated debtors and debtors-in-possession] have officially completed the reorganization and financial restructuring contemplated in the Canadian Plan of Reorganization and Compromise (as amended, the "Canadian Plan") and the Joint Plan of Reorganization (as amended, the "U.S. Plan", and, together with the Canadian Plan, the "Plans"), including successfully closing US$ 800 million exit financing facilities. At closing, the Company drew approximately US $ 540 million with which it has repaid in full its DIP credit facility.

As part of the implementation of the Plans, the Company's previously issued and outstanding Multiple Voting Shares, Redeemable First Preferred Shares and Subordinate Voting Shares have been effectively cancelled and the reorganized Company has issued (in escrow) 73,285,000 Common Shares, 12,500,000 Class A Convertible Preferred Shares, as well as 10,723,019 Series I Warrants and 10,723,019 Series II Warrants. In accordance with the terms of the Plans, the initial distribution to creditors and the listing and trading of the Common Shares, Series I Warrants and Series II Warrants on the Toronto Stock Exchange (TSX:WC) is expected to take place as soon as practicable but in any event within thirty (30) days.

In connection with Company's exit from protection and as part of the implementation of the Plans, the names of the entities in the Company's group are to change to World Color Press Inc. or derivatives thereof, which was previously the name of one of the merged companies that created Quebecor World in 1999. The Company intends to announce a renewed branding initiative during the next 60 days.

"This is an important and exciting day for the Company, its customers, suppliers and employees. I would like to thank everyone who has supported us through this process," said Jacques Mallette, President and CEO. "The restructuring and reorganizing process has made us financially healthier and allowed us to start fresh with a strong balance sheet and a leaner cost structure. We believe the Company is now better positioned to meet the present and future competition in the industry and to create value for our stakeholders."
NEW ON THE JOB BOARD | RSS
CLASSIFIED | RSS
Company for sale
Company wanted
CLICK HERE to list your business opportunity in the printing industry
Most Recent News Comment
Started in a Trade Shop says:
Are Paul McCarthy and Paul McCathy the same person. More spelling mistakes from Print Can. Tsk Tsk...
North Island Publishing PrintCAN Print Jobs Canada’s Estimators' & Buyers' Guide MastheadOnline Print World 2010 Design City
Graphic Monthly Print Equipment gutenbergs' guide COPA industrial print