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Quebecor World Emerges From Chapter 11

Wednesday, July 22, 2009

Press release from the issuing company

MONTREAL, CANADA -- Quebecor World Inc. and its affiliated debtors and debtors-in-possession announced today that they have successfully emerged from protection under the Companies' Creditors Arrangement Act in Canada ("CCAA") and Chapter 11 of the U.S. Bankruptcy Code. They have officially completed the reorganization and financial restructuring contemplated in the Canadian Plan of Reorganization and Compromise (as amended, the "Canadian Plan") and the Joint Plan of Reorganization (as amended, the "U.S. Plan", and, together with the Canadian Plan, the "Plans"), including successfully closing US$ 800 million exit financing facilities. At closing, the Company drew approximately US $ 540 million with which it has repaid in full its DIP credit facility.

As part of the implementation of the Plans, the Company's previously issued and outstanding Multiple Voting Shares, Redeemable First Preferred Shares and Subordinate Voting Shares have been effectively cancelled and the reorganized Company has issued (in escrow) 73,285,000 Common Shares, 12,500,000 Class A Convertible Preferred Shares, as well as 10,723,019 Series I Warrants and 10,723,019 Series II Warrants. In accordance with the terms of the Plans, the initial distribution to creditors and the listing and trading of the Common Shares, Series I Warrants and Series II Warrants on the Toronto Stock Exchange (TSX:WC - News) is expected to take place as soon as practicable but in any event within thirty (30) days.

In connection with Company's exit from protection and as part of the implementation of the Plans, the names of the entities in the Company's group are to change to World Color Press Inc. or derivatives thereof, which was previously the name of one of the merged companies that created Quebecor World in 1999. The Company intends to announce a renewed branding initiative during the next 60 days.

"This is an important and exciting day for the Company, its customers, suppliers and employees. I would like to thank everyone who has supported us through this process," said Jacques Mallette, President and CEO. "The restructuring and reorganizing process has made us financially healthier and allowed us to start fresh with a strong balance sheet and a leaner cost structure. We believe the Company is now better positioned to meet the present and future competition in the industry and to create value for our stakeholders."

"I would also like to offer special thanks to our outgoing directors and advisors who served the best interests of all our stakeholders during the last 18 months, as well as our dedicated employees who worked tirelessly to ensure our success. The future looks promising and I look forward to working with our new directors who will help us set a course for future growth," added Mr. Mallette.




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