Quebecor World Exits Bankruptcy Protection
MONTREAL—Quebecor World, its affiliated debtors and debtors-in-possession have successfully emerged from bankruptcy protection under Chapter 11 of the U.S. bankruptcy code and the Companies' Creditors Arrangement Act (CCAA) in Canada. This completes its reorganizational plans and financial restructuring, including successfully closing $800 million in exit financing facilities. At closing, Quebecor World drew about $540 million, with which it has repaid in full its debtor-in-possession credit facility.
The names of the individual entities within the organization have been changed to World Color Press or variations on the name of the company that existed before the landmark merger with Quebecor 10 years ago. Quebecor World is expected to unveil a new branding initiative.
“This is an important and exciting day for the company, its customers, suppliers and employees,” remarked Jacques Mallette, president and CEO, in a statement. “The restructuring and reorganizing process has made us financially healthier and allowed us to start fresh with a strong balance sheet and a leaner cost structure. We believe the company is now better positioned to meet the present and future competition in the industry and to create value for our stakeholders.”
In other news, Quebecor World has signed a multiyear agreement with Schofield Media Group to continue printing 18 business-to-business magazines.