Two courts have approved the bankruptcy reorganization plans filed by Montreal-based Quebecor World Inc.
The sanction of the Canadian Plan by the Quebec Superior Court and confirmation of the U.S. Plan by the U.S. Bankruptcy Court follow their respective approvals by the creditors of Quebecor World on June 22. Quebecor World anticipates the consummation of the plans to occur in mid-July 2009.
"We are very pleased that our U.S. and Canadian Plans have been approved by the U.S. Bankruptcy Court and the Quebec Superior Court. This is a major milestone in successfully restructuring our Company to benefit all stakeholders," said Jacques Mallette, Quebecor World’s president and CEO, in a statement. "We look forward to exiting creditor protection in mid-July and moving forward with the implementation of our business plan as a strong competitor in the industry."
The approval followed hearings held jointly in the Quebec Superior Court and the U.S. Bankruptcy Court for the Southern District of New York on June 30.
The Quebec Superior Court and the U.S. Bankruptcy Court issued orders allowing Quebecor World and its affiliated debtors and debtors-in-possession as well as other represented stakeholders to appear before the Courts at a joint hearing to be held on July 13 in order to report on unresolved issues relating to new securities issued by Quebecor.
The confirmation order entered by the U.S. Bankruptcy Court is available on the Web site of the U.S. claims agent, Donlin, Recano & Company, Inc. The sanction order rendered by the Quebec Superior Court on the Canadian Plan will be available on the Web site of Ernst & Young Inc., which acts as monitor under the CCAA Proceedings at http://www.ey.com/ca/quebecorworld. These Web sites are linked from the restructuring section of the Quebecor World Web site at http://www.quebecorworld.com.
