Quebecor World Inc and its debtors have agreed on plans of reorganization. Among more than 2,800 ballots cast, 86.4% supported the plan. Based on the value of the claims represented, $1.82 billion, or 88.9% of the represented debt, voted to affirm the plan.
Under the U.S. Bankruptcy Code, certain classes of creditors are entitled to vote on reorganization proposals.
In Canada, Quebecor World’s Second Amended and Restated Canadian Plan of Reorganization and Compromise was approved at a creditor’s meeting. The Canadian plan was approved by 96% of the voting creditors, who represented 89% of the total value of the claims.
A joint hearing, to be held in the U.S. Bankruptcy Court for the Southern District of New York and the Quebec Superior Court, is scheduled for June 30. Quebecor World anticipates consummation of the two plans by mid-July.
Separately, Mark Angelson, former CEO of RR Donnelley, will be chairman of the company’s new independent directors. He will be joined by publishing industry leaders Tom Ryder, former Chairman and CEO of Reader's Digest, and Jack Kliger, former president and CEO of Hachette Filipacchi.
Raymond Bromark, chairman of the audit committee of CA, Inc., and a retired senior partner of PricewaterhouseCoopers, also will be named to the board, along with turnaround specialist James Gaffney, printing industry veteran Michael Allen, Canadian lawyer and former senior officer of Alcan, Inc., David McAusland, and Gabriel de Alba, managing director and partner of Catalyst Capital Group of Toronto.
Jacques Mallette, Quebecor World’s CEO, is expected to be the only continuing member of the board. The new board members will be seated upon Quebecor World's emergence from its insolvency proceedings.
