6 July 2009
Courts approve Quebecor World plan
MONTREAL—Quebecor World moved a step closer to emerging from bankruptcy as Quebec’s Superior Court and a New York bankruptcy court approved the printer’s reorganization plans during a joint hearing Friday.

There are still notable objectors to the company’s reorg plan, including the U.S. government, which filed a motion on June 25 saying the plan lets a range of third parties off the hook for US$10 million in unpaid corporate taxes, and US$150 million in penalties related to environmental law violations; and a banking syndicate, which objected to the restructuring more than 20 times during the hearings.

The courts have scheduled another joint hearing on July 13 to resolve any outstanding issues.

"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."

The company also confirmed that it will be renamed Novink at the end of July.

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