Wednesday, July 08, 2009  
The Latest Quebecor World Thing

:: Posted by BK @ 7/08/2009 08:01:00 AM

Comics Printer to Exit Bankruptcy Protection

First, it got a new hot-shot chairman in Mark Angelson. Then, the U.S. and Canadian creditors approved the reorganization plan. Now, according to its own press release, Montreal printer Quebecor World has had the plan approved by both the U.S. Bankruptcy Court and the Quebec Superior Court. Why do we care? Because Quebecor World reportedly is still the largest printer of comic books in North America.

"We are very pleased that our U.S. and Canadian Plans have been approved by the U.S. Bankruptcy Court and the Quebec Superior Court. This is a major milestone in successfully restructuring our Company to benefit all stakeholders," said Jacques Mallette, President and CEO. "We look forward to exiting creditor protection in mid-July and moving forward with the implementation of our business plan as a strong competitor in the industry."

The company has been on the ropes for years now, due to competition from U.S. and Chinese printers, debt, and the impending death of print. It was spun off from parent company Quebecor (Click here to see our previous coverage.) Quebecor World has over 20,000 employees but has been laying some off during this little downturn. They not only have printed comics for Marvel, Dark Horse, Image, and D.C., but also phonebooks, and many magazines (Time, Rolling Stone) and catalogues like LL Bean, Victoria's Secret and Ikea.


Full press release:


Quebecor World Inc. and its affiliated debtors and debtors-in-possession announce that, following hearings held jointly in the Quebec Superior Court and the U.S. Bankruptcy Court for the Southern District of New York on June 30, 2009, the Quebec Superior Court and the U.S. Bankruptcy Court (together the "Courts") rendered orders sanctioning Quebecor World's Second Amended and Restated Plan of Reorganization and Compromise (the "Canadian Plan") and confirming the Third Amended Joint Plan of Reorganization (the "U.S. Plan," and, together with the Canadian Plan, the "Plans"). Both the Quebec Superior Court and the U.S. Bankruptcy Court ruled that Quebecor World and its affiliated U.S. debtors and debtors-in-possession had met all of the applicable statutory requirements to sanction the Canadian Plan and confirm the U.S. Plan. The orders of the Quebec Superior Court and the U.S. Bankruptcy Court allow for the possibility of Quebecor World and its affiliated debtors and debtors-in-possession as well as other represented stakeholders to appear before the Courts at a joint hearing to be held on July 13, 2009 in order to report on the status of any issues that remain outstanding relating to the terms of the new securities to be issued by Quebecor World under the Plans.
The sanction of the Canadian Plan by the Quebec Superior Court and confirmation of the U.S. Plan by the U.S. Bankruptcy Court follow their respective approvals by the creditors of Quebecor World on June 22, 2009. Subject to the satisfaction of certain conditions provided for in the Plans, Quebecor World therefore remains on track with its current timetable and anticipates the consummation of the Plans to occur in mid-July 2009.
"We are very pleased that our U.S. and Canadian Plans have been approved by the U.S. Bankruptcy Court and the Quebec Superior Court. This is a major milestone in successfully restructuring our Company to benefit all stakeholders," said Jacques Mallette, President and CEO. "We look forward to exiting creditor protection in mid-July and moving forward with the implementation of our business plan as a strong competitor in the industry."
The confirmation order entered by the U.S. Bankruptcy Court on the U.S. Plan will be available on the website of the U.S. claims agent, Donlin, Recano & Company, Inc. The sanction order rendered by the Quebec Superior Court on the Canadian Plan will be available on the website of Ernst & Young Inc., which acts as Monitor under the CCAA Proceedings at www.ey.com/ca/quebecorworld.

Labels: , , , ,

   
         - Stumble It!  - Leave a comment!| 0comments  -  - we honor OpenID - 

0 Comments:

Post a Comment

Hi, welcome to the blog! If you want to let us know about an event or share PR, write us at Sequential@Spiltink.Org.

For discussion of posts, corrections or relevant links to the story feel free to fire away and post here! We love hearing from you guys. cheers! :)

Links to this post:

Create a Link

<< Home







Archive by Region
Alberta - British Columbia - Calgary - Gatineau - Halifax - Moncton - Montreal - New Brunswick - Newfoundland - Nova Scotia - Ontario - PEI - Quebec - Saskatchewan - Saskatoon - Toronto - Vancouver - Victoria - Winnipeg -

Archive by Month
August 2002 - September 2002 - October 2002 - November 2002 - December 2002 - January 2003 - February 2003 - March 2003 - April 2003 - May 2003 - June 2003 - July 2003 - August 2003 - September 2003 - October 2003 - November 2003 - December 2003 - January 2004 - February 2004 - March 2004 - April 2004 - May 2004 - June 2004 - July 2004 - August 2004 - September 2004 - October 2004 - November 2004 - December 2004 - January 2005 - February 2005 - March 2005 - April 2005 - May 2005 - June 2005 - July 2005 - August 2005 - September 2005 - October 2005 - November 2005 - December 2005 - January 2006 - February 2006 - March 2006 - April 2006 - May 2006 - June 2006 - July 2006 - August 2006 - September 2006 - October 2006 - November 2006 - December 2006 - January 2007 - February 2007 - March 2007 - April 2007 - May 2007 - June 2007 - July 2007 - August 2007 - September 2007 - October 2007 - November 2007 - December 2007 - January 2008 - February 2008 - March 2008 - April 2008 - May 2008 - June 2008 - July 2008 - August 2008 - September 2008 - October 2008 - November 2008 - December 2008 - January 2009 - February 2009 - March 2009 - April 2009 - May 2009 - June 2009 - July 2009 - August 2009 - September 2009 - October 2009 - November 2009 - December 2009 - January 2010 - February 2010 - March 2010 -