Log In | Become a Member | Contact Us


Leading printing executives into the future

Connect on Twitter | Facebook | LinkedIn

Featured:     European Coverage     Production Inkjet Analysis

Creditors Approve Quebecor Reorganization Plan

Wednesday, June 24, 2009

Press release from the issuing company

Montréal, Canada – Quebecor World Inc. and its affiliated debtors and debtors-in-possession 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. Of the more than 2,800 ballots cast, 2,485, or 86.4%, of all voting creditors aggregated across classes voted to accept the U.S. Plan. Based on total dollar amount of claims voted, 88.9% of the total claims, or US$1.82 billion, aggregated across classes voted to accept the U.S. Plan.  Although no assurances can be made, Quebecor World believes that the U.S. Plan satisfies the requirements of the Bankruptcy Code and is confirmable.

In addition, Quebecor World also announced that its Second Amended and Restated Canadian Plan of Reorganization and Compromise (the “Canadian Plan”) was approved by affected creditors at the creditors’ meeting held earlier today. At the Canadian meeting of affected creditors of Quebecor World, the Canadian Plan was approved by approximately 96% of those affected creditors who voted in person or by proxy, representing approximately 89% of the total value of affected claims that were voted at the meeting.

A joint confirmation hearing on the U.S. Plan and the Canadian Plan is scheduled to occur on June 30, 2009 in the U.S. Bankruptcy Court for the Southern District of New York and the Quebec Superior Court, and Quebecor World anticipates the consummation of the U.S. Plan and the Canadian Plan in mid-July 2009.

Details of the voting results including votes on a class-by-class basis will be available at the following websites:
http://www.donlinrecano.com/cases/caseinfo.aspx?cl=qw
http://documentcentre.eycan.com/pages/main.aspx?SID=54
And hyperlinked from: http://www.quebecorworld.com/restructuring.aspx

 

 

SHARE

Email Icon Email

Print Icon Print

Become a Member

Join the thousands of printing executives who are already part of the WhatTheyThink Community.

Copyright © 2016 WhatTheyThink. All Rights Reserved