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Quebecor World and Its Creditors Hammer Out Term Sheet

May 2009
MONTREAL—The clouds may soon be parting for Quebecor World in its struggle to remain an ongoing concern.

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

In coming to an 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 levels. The company also anticipates to arrange exit financing at levels below its current debtor-in- possession financing facility.

The printer also filed a proposed Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court.

If everything goes smoothly, Quebecor World will most likely emerge from creditor protection by mid-July.


 

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