Courts Green Light Quebecor World Plans
MONTREAL—The Quebec Superior Court and the U.S. Bankruptcy Court for the Southern District of New York have given their blessings to Quebecor World’s reorganizational plans, leaving the company perhaps days away from exiting bankruptcy protection. A joint hearing to resolve any outstanding issues relating to the terms of the new securities to be issued by Quebecor World will be held on Monday.
Among those objecting to the printer’s blueprint is the U.S. government, which claimed the restructuring plan allowed Quebecor World to skirt $10 million in unpaid corporate taxes and another $150 million in fines stemming from environmental violations.
The company is expected to be rebranded as Novink later this month or in August.