Quebecor World sets conversion rate for series 5 cumulative redeemable first preferred shares

By Caroline Salls

Pittsburgh, Feb. 26 - Quebecor World Inc. has set the final rate for the conversion of its 3.98 million series 5 cumulative redeemable first preferred shares into subordinate voting shares, according to a company news release.

The company said each series 5 preferred share will be converted on March 1 into 12.93125 subordinate voting shares.

As a result, Quebecor World said 51.4 million new subordinate voting shares will be issued to holders of series 5 preferred shares.

The company said it will apply to list the 51.4 million subordinate voting shares on the Toronto Stock Exchange.

Quebecor World, a Montreal-based printing and marketing company, filed for Chapter 11 bankruptcy on Jan. 21 in the U.S. Bankruptcy Court for the Southern District of New York and filed for protection under the Companies' Creditors Arrangement Act in Canada. Its Chapter 11 case number is 08-10152.

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