Montréal, Quebec, Canada, 21 July 2009 --– Quebecor World Inc. and its affiliated debtors and debtors-in-possession (DIP) announced today that they have successfully emerged from protection under the Companies’ Creditors Arrangement Act in Canada (CCAA) and Chapter 11 of the U.S. Bankruptcy Code. They have officially completed the reorganization and financial restructuring contemplated in the Canadian Plan of Reorganization and Compromise and the Joint Plan of Reorganization (together with the Canadian Plan, the “Plans”), including successfully closing USD 800 million exit financing facilities. At closing, the company drew approximately USD 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, and 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 within 30 days, or sooner.
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.
“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,” said Jacques Mallette, president and CEO.
Quebecor World is a world leader in providing high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies, and other businesses with marketing and advertising activities, and complete, full-service print solutions for publishers. The company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies, and other value-added services. Quebecor World has approximately 20,000 employees working in approximately 90 printing and related facilities in the United States, Canada, Argentina, Brazil, Chile, Colombia, Mexico, and Peru.
Web address: www.quebecorworld.com