The U.S. Bankruptcy Court will consider Quebecor World’s Amended Plan of Reorganization and Disclosure Statement, which provides further details on the Quebecor’s Chapter 11 reorganization plan, on May 15.
A separate motion will be filed with Quebec Superior Court. That motion seeks to the convening of a creditors' meeting relating to the proceedings currently pending in Canada under the Companies' Creditors Arrangement Act. The motion relating to the Canadian creditors' meeting is currently scheduled to be heard by the Quebec Superior Court on May 14.
Should the two courts grant the requested orders, Quebecor World expects to distribute to distribute its reorganization plan to U.S-based and Canada-based creditors. The reorganization plan does not anticipate any recovery for the holders of the company's existing Multiple Voting Shares, Subordinate Voting Shares and Redeemable First Preferred Shares.
If all goes according to schedule, the company anticipates emerging from Chapter 11 protection by mid-July.
The U.S. Plan of Reorganization and Disclosure Statement will be available on the website of the U.S. claims agent, Donlin, Recano & Company, Inc. The Canadian motion relating to the Creditors' Meeting Order, together with the documents attached (including a draft version of the information circular relating to the CCAA Plan of Reorganization) will be available on the website of Ernst & Young Inc., which acts as Monitor under the CCAA Proceedings at www.ey.com/ca/quebecorworld. These websites are linked from the restructuring section of the Quebecor World website at www.quebecorworld.com.
