Despite Loss, Quebecor World Eyes Chapter 11 Exit
MONTREAL—Despite posting a fourth quarter loss of US$654 million, there is optimism at Quebecor World. The company told a U.S. bankruptcy court judge that it expects to lay out its restructuring plan this month and emerge from creditor protection in early July, the Canadian Press (CP) reported.
CP also reported that Quebecor World CEO Jacques Mallette earned C$2.4 million in 2008, including a C$1.4 million bonus. His predecessor, Wes Lucas, is suing the company for C$23 million.