Quebecor World May Lose Magazine Pact
MONTREAL—Bankruptcy-protected Quebecor World decided against challenging The Economist magazine’s attempt to opt out of its printing contract. The Economist Newspaper N.A., publisher of The Economist, notified Quebecor World that it intends to terminate their printing agreement at the expiration of the initial term this September.
The Economist asked U.S. Bankruptcy Court Judge James Peck for permission to serve the notice to Quebecor World. Still, both sides are in talks regarding a possible extension of the deal, which would have automatically renewed had The Economist not given notice prior to March 31.
Under bankruptcy rules, all changes to contracts are frozen pending a resolution of the debtor claims. Peck is scheduled to hold a March 27 hearing to discuss the matter.