Quebecor World Reorganization OK'd
MONTREAL—Creditors have approved Quebecor World’s U.S. and Canadian plans of reorganization, clearing another hurdle as the insolvent printer bids to exit bankruptcy protection next month. More than 86 percent of the 2,800 ballots cast by creditors green lighted the U.S. plan, while 96 percent of creditors gave an affirmative vote for the Canadian plan. A joint confirmation hearing on both plans is scheduled for June 30.
In other company news, former RR Donnelley CEO Mark Angelson was announced as Quebecor World’s new board chairman in a court filing. Joining him will be publishing veterans Tom Ryder, former chairman and CEO of Reader’s Digest, and Jack Kliger, past president and CEO of Hachette Filipacchi. Michael Allen, another printing industry veteran, is among the other new members. Quebecor World CEO Jacques Mallette is expected to be the only returning board member.
The company is also expanding its Frederick County, VA, facility, a $35.2 million initiative that will include the acquisition of two new presses and the creation of 30 jobs.