Montréal, Canada – Quebecor World Inc. announced today that in connection with the waivers obtained from its banking syndicate and the sponsors of its securitization program announced on December 31, 2007, it has not obtained by January 15, 2008, US$125 million of new financing, as had been required under the terms of the waivers. The non-satisfaction of this condition of the December 31, 2007 waiver does not automatically result in the termination of the banking syndicate’s waiver or an acceleration of the maturity of indebtedness under the Company’s credit facilities or a cross-default under other financial instruments of Quebecor World.
Any such termination, acceleration or default would require formal notification from a majority of the banking syndicate to Quebecor World. The non-satisfaction of this condition of the December 31, 2007 waivers also entitles the sponsors under the Company’s securitization program to terminate such program, but any such termination would not, if effected, result in cross-defaults under any financial instrument of the Company. The Company had requested a one week waiver of this condition from its banking syndicate and securitization sponsors to facilitate the rescue financing initiative currently underway, but has declined to pay the significant waiver costs requested by its banking syndicate for this waiver, as the Company believes it must preserve cash and this payment would not be in the best interests of all of the Company’s stakeholders. The Company renewed its request that the banking syndicate provide a suitable waiver and is awaiting the response.
In addition, Quebecor World announced today that in light of the announced rescue initiative and its current circumstances, it will not make the US$19.5 million payment of interest due today on its outstanding US$400 million 9.75% Senior Notes due 2015.  Under the terms of the indentures relating to the 9.75% Senior Notes due 2015, failure to pay interest does not result in an immediate default and the Company has 30 days to cure the non-payment.
Quebecor World continues to work with Quebecor Inc. and Tricap Partners Ltd. on the rescue financing plan announced on January 14, 2008 and believes that satisfaction of the conditions of such initiative would be in the best interests of the Company and all its stakeholders. There is no assurance all the consents and approvals to the completion of the rescue financing plan and recapitalization initiative will be received on a timely basis.