Quebecor World asks Canadian court to schedule creditors meeting

By Caroline Salls

Pittsburgh, May 6 - Quebecor World Inc. has asked the Quebec Superior Court to convene a meeting of the company's creditors in connection with its Companies' Creditors Arrangement Act case, according to a company news release.

In addition, Quebecor World filed an amended plan of reorganization on Wednesday with the U.S. Bankruptcy Court for the Southern District of New York that provides voting creditors with more details on the plan.

The amended plan does not change any proposed creditor treatment.

A hearing on the creditors meeting will be held May 14, and a hearing on approval of the disclosure statement is scheduled for May 15.

As previously reported, the U.S. and Canadian plans implement the recapitalization and deleveraging of the company under an agreement in principle reached with its major creditor constituencies.

Quebecor World said it plans to emerge from creditor protection with a strong balance sheet by mid-July.

The plan does not call for any recovery for the holders of its existing multiple voting shares, redeemable first preferred shares and subordinate voting shares.

Quebecor World, a Montreal-based printing and marketing company, filed for Chapter 11 bankruptcy on Jan. 21, 2008 and filed for protection under the Companies' Creditors Arrangement Act in Canada. Its Chapter 11 case number is 08-10152.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.