Creditors Approve Quebecor World's Plans of Reorganization; Names New Board
MONTRÉAL, CANADA— June 23, 2009—Quebecor World Inc. and its affiliated debtors and debtors-inpossession announced today the voting results for Quebecor World’s Third Amended Joint Plan of Reorganization (the “U.S. Plan”). Voting by classes of creditors entitled to vote on the Plan reflected broad-based support for the U.S. Plan, with all classes entitled to vote receiving the applicable affirmative vote as required under the U.S. Bankruptcy Code. Of the more than 2,800 ballots cast, 2,485, or 86.4%, of all voting creditors aggregated across classes voted to accept the U.S. Plan. Based on total dollar amount of claims voted, 88.9% of the total claims, or US$1.82 billion, aggregated across classes voted to accept the U.S. Plan. Although no assurances can be made, Quebecor World believes that the U.S. Plan satisfies the requirements of the Bankruptcy Code and is confirmable.
In addition, Quebecor World also announced that its Second Amended and Restated Canadian Plan of Reorganization and Compromise (the “Canadian Plan”) was approved by affected creditors at the creditors’ meeting held earlier today. At the Canadian meeting of affected creditors of Quebecor World, the Canadian Plan was approved by approximately 96% of those affected creditors who voted in person or by proxy, representing approximately 89% of the total value of affected claims that were voted at the meeting.
A joint confirmation hearing on the U.S. Plan and the Canadian Plan is scheduled to occur on June 30, 2009 in the U.S. Bankruptcy Court for the Southern District of New York and the Quebec Superior Court, and Quebecor World anticipates the consummation of the U.S. Plan and the Canadian Plan in mid-July 2009.
Details of the voting results including votes on a class-by-class basis will be available at the following websites:
And hyperlinked from: http://www.quebecorworld.com/restructuring.aspx
The creditors also announced in a court filing the names of the company’s new independent directors. Mark Angelson, former CEO of RR Donnelley and leading architect of the 2003-2007 printing industry consolidation, will be Chairman. He will be joined by publishing industry leaders Tom Ryder, former Chairman and CEO of Reader’s Digest, and Jack Kliger, former President and CEO of Hachette Filipacchi. Mr. Ryder and Mr. Kliger are past Chairmen of the Magazine Publishers’ Association. Mr. Ryder also sits on the boards of Amazon.com, Virgin Mobile and Starwood Hotels.
Raymond Bromark, chairman of the audit committee of CA, Inc., and a retired senior partner of PricewaterhouseCoopers, also will be named to the board, along with turnaround specialist James Gaffney, printing industry veteran Michael Allen, Canadian lawyer and former senior officer of Alcan, Inc., David McAusland, and Gabriel de Alba, managing director and partner of Catalyst Capital Group of Toronto.
A spokesman for the director designees said, “The highly fragmented printing industry must undergo further consolidation, and this company will be an important part of that process. We look forward to providing overall strategic guidance, best governance practices and oversight”.
Jacques Mallette, the Company’s Chief Executive, is expected to be the only continuing member of the board. The new board members will be seated upon Quebecor World’s emergence from its insolvency proceedings, which is expected to occur in July. The director designees do not expect to make any further statements.