Quebecor World, Creditors Agree to Terms

MONTREAL—Quebecor World announced Wednesday that it has reached agreement in principle on a term sheet with its creditors, which will pave the way for the company to exit creditor protection in both the United States and Canada.

In coming to general agreement on the material terms and conditions of a consolidated restructuring plan, Quebecor World will be able to recapitalize and substantially deleverage from pre-filing debt levels. The company also anticipates having to arrange exit financing at levels below its current debtor-in-possession financing facility.