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.
Quebecor World Inc. and its affiliated debtors and debtors-inpossession announced today the voting results for Quebecor World’s Third Amended Joint Plan of Reorganization (the “U.S. Plan”). Voting by classes of creditors entitled to vote on the Plan reflected broad-based support for the U.S. Plan, with all classes entitled to vote receiving the applicable affirmative vote as required under the U.S. Bankruptcy Code.
By Erik Cagle When your company is the largest printing communications conglomerate in the United States (second biggest in North America after Quebecor World)—in a manufacturing industry that is fourth largest in this country—suffice to say all eyes are on you. It makes no difference if the onus of an entire industry is wanted or warranted. Your company becomes a reflection of all that is wrong with the industry. The most layoffs, most plant closings, the biggest dip in year-to-year sales—if you want to know what's wrong with an industry, look for the giant with a huge target on its back. That giant