Quebecor World

Quebecor Shuts Plant, Signs Contracts
March 1, 2008

MONTRÉAL—With its court-appointed administrators unable to find a buyer, Quebecor World PLC of Northamptonshire, U.K., a subsidiary of Quebecor World, shut its doors in early February. The closing left 250 people without jobs. The facility specialized in web offset magazines, catalogs and specialty printed advertising products. “Quebecor World PLC sought to find a going concern buyer for the business, but unfortunately it became clear that the focus of interested parties is on the assets of the business,” said Ian Best, one of the administrators, in a statement. However, Quebecor World announced the signing of new and renewed multi-year agreements with customers across all of

Quebecor World Costly to Parent Company
February 29, 2008

MONTREAL—While faring well financially overall, Quebecor Inc. is expecting to absorb a non-cash net loss of as much as C$779 million for 2007 resulting from the struggles of Quebecor World. According to the Canadian Press, Quebecor Inc. CEO Pierre Karl Peladeau declined to say if he planned on retaining a stake in the printing company…

Quebecor World Granted Stay Extension
February 22, 2008

MONTREAL—The Superior Court of Quebec has granted Quebecor World an extension in the stay of proceedings in its restructuring under the Companies’ Creditors Arrangement Act (CCAA) until May 12, 2008. The First Stay Extension Order relieves the printer of its obligation to hold its annual shareholder meeting prior to June 30, 2008. The order directs…

Quebecor World Shutters UK Plant
February 15, 2008

MONTREAL—With its court-appointed administrators unable to find a buyer, Quebecor World PLC of Northamptonshire, England, a subsidiary of Quebecor World, shut its doors. The closing left 250 people without jobs. The facility specialized in web offset magazines, catalogs and specialty printed products for advertising campaigns. On the North American front, Quebecor World announced the signing of new and renewed multi-year agreements with customers across all of its major business groups. The value of the pacts is estimated at more than $75 million annually. They include a three-year deal with marketing services specialist Imagitas for $50 million; a five-year accord to print all nine of

UPFRONT
February 1, 2008

Cenveo Acquires Rex Corp. STAMFORD, CT—Packaging solutions provider Rex Corp. is joining the Cenveo Inc. fold in an all-cash transaction. The amount of the deal, expected to close in the first quarter, was not disclosed. Based in Jacksonville, FL, Rex Corp. generates more than $40 million in sales and employs 170 workers. Miotke Heads Vertis Division BALTIMORE—Vertis Communications has named Charles Miotke, a 30-year industry veteran, as president, direct marketing. Prior to joining Vertis, Miotke spent 19 years in various executive roles at Quebecor World and most recently was vice president of global manufacturing there. Miotke worked at Brown Printing for more than 10

Quebecor World’s UK Plant in Administration
February 1, 2008

MONTREAL—Quebecor World’s British subsidiary, Corby-based Quebecor World plc, has been placed into administration. The facility had been cash negative since the loss of an important contract three years ago. Ernst & Young llp will be administrators of the facility, located about 70 miles north of London. It will explore options, including a possible sale. The…

Quebecor World Seeks Protection
February 1, 2008

MONTREAL—Quebecor World, at one time the crown jewel in the Quebecor Inc. empire, filed for creditor protection in the United States and Canada, while simultaneously securing $1 billion in new financing that will allow it to meet all current operating needs. North America’s second-largest printer quickly secured protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada and Chapter 11 protection under the U.S. bankruptcy code. Ernst & Young will serve as the court-appointed monitor under the CCAA process and will assist Quebecor World in formulating its restructuring plan. The decision to file for creditor protection was unanimously approved by Quebecor World’s board of

Quebecor World Files for Protection
January 25, 2008

MONTREAL—Quebecor World, at one time the crown jewel in the Quebecor Inc. empire, filed for creditor protection in the United States and Canada while simultaneously securing $1 billion in new financing that will allow it to meet all current operating needs. North America’s second-largest printer quickly secured protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada and Chapter 11 of the U.S. bankruptcy code. Ernst & Young will serve as the court-appointed monitor under the CCAA process and will assist Quebecor World in formulating its restructuring plan. The decision to file for creditor protection was unanimously approved by Quebecor World’s board of directors.

Quebecor World Continues to Flounder
January 18, 2008

MONTREAL—With its stock valued below 50 cents per share and banking lenders breathing down its neck, Quebecor World is teetering on the brink of bankruptcy as it fights to strengthen one patch in its leaking dike. The embattled printer has been given until 9 a.m. on January 20 to iron out conditions of the C$400 million rescue financing agreement reached with parent company Quebecor Inc. and Tricap Partners. The deadline had been set to expire January 16. In a release, the company said it “continues to work with Quebecor Inc. and Tricap Partners Ltd. on the rescue financing plan and believes that satisfaction

Quebecor World Nears Financing Plan
January 11, 2008

MONTREAL—Facing a Tuesday deadline to come up with U.S.$125 million in refinancing, Quebecor World was reportedly close to a “lifeline” deal with several banks, led by Royal Bank of Canada, The Canadian Press reported.Quebecor World stocks on the Toronto Stock Exchange shot up 31 cents on news of the possible deal. Tuesday marks the first…