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Quebecor World, Creditors Agree to Terms

April 10, 2009
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.

Quebecor World continues to work with its major creditor constituencies, and expects to be in a position to file a Plan of Reorganization, Arrangement or Compromise in Canada and a complementary Plan of Reorganization in the United States—along with associated disclosure documents—by the end of April. These documents will provide detailed information regarding the recapitalization of the company, the recoveries that will be available to creditors and the going forward business plan of the reorganized Quebecor World. This plan formulation and confirmation process is anticipated to allow for Quebecor World’s emergence from creditor protection by mid-July.
 

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