Quebecor World Inc. received good news from the Quebec Superior Court and the U.S. Bankruptcy Court for the Southern District of New York, as both courts have sanctioned the insolvent printing company’s restructuring plans, allowing it to stay on course for an exit from bankruptcy protection by mid-July.
Although financial questions were raised by a banking syndicate at court hearings held on June 30th, the court approvals now open the door for final details to be ironed out and presented at a joint hearing scheduled for July 13th.
"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 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."
