The financial details have been worked out and after almost 18 months Quebecor World Inc. has emerged from protection under the Companies’ Creditors Arrangement Act in Canada ("CCAA") and Chapter 11 in the U.S.
Along with the new start comes a new name—the company will rebrand itself World Color Press Inc., taking on the monikor of the company it Quebcor Inc. merged with in 1999 to become Quebecor World, the largest commercial printer in the industry at the time.
"This is an important and exciting day for the company, its customers, suppliers and employees. I would like to thank everyone who has supported us through this process," said Jacques Mallette, president and CEO. "The restructuring and reorganizing process has made us financially healthier and allowed us to start fresh with a strong balance sheet and a leaner cost structure."
The company has secured US$ 800 million in exit financing facilities, and it has repaid in full its debtor in possession (DIP) credit facility.
The public company’s previously listed shares have been effectively cancelled, and the reorganized business has issued (in escrow) 73,285,000 Common Shares, 12,500,000 Class A Convertible Preferred Shares, as well as 10,723,019 Series I Warrants and 10,723,019 Series II Warrants.
The initial distribution to creditors and the listing and trading of the Common Shares, Series I Warrants and Series II Warrants on the Toronto Stock Exchange (TSX:WC) is expected to take place within 30 days.
