Quebecor World Exits Bankruptcy Protection
In accordance with the terms of the reorganization plans, the initial distribution to creditors and the listing and trading of the common shares, Series I warrants and Series II warrants on the Toronto Stock Exchange, was expected to take place within 30 days.
It was a spring of whirlwind activity for the formerly insolvent book and publication specialist. The company resisted a takeover bid by RR Donnelley (RRD), which culminated with a June 8 final offer of $1.56 billion. Two days later, unable to woo Quebecor World’s creditors with the cash and stock offer, RRD stepped aside.
Once RRD folded its hand, the U.S. government appeared to be the biggest stumbling block toward court approval. Uncle Sam claimed the restructuring plan allowed the printer to skirt $10 million in unpaid corporate taxes and another $150 million in fines stemming from environmental violations.
Ironically, the man responsible for spearheading much of Donnelley’s M&A growth, will be contributing toward the rebirth of the former Quebecor World. Ex-RRD CEO Mark Angelson is the new chairman and will be joined by a number of prominent printing and publishing figures: Tom Ryder, former chairman and CEO of Reader’s Digest; Jack Kliger, past president and CEO of Hachette Filipacchi; and Michael Allen. Mallette is expected to be the only returning board member.