Quebecor World Receives U.S. Court Approval of $1 Billion Financing Plan
January 23 2008 - 9:37PM
Marketwired
MONTREAL, QUEBEC (NYSE: IQW) today received the initial United
States court orders it sought as part of its court supervised
reorganization and protection. United States Judge James Peck today
provided the final authorization needed for Quebecor World Inc. to
borrow up to $750 million under the terms of the credit facility
from Credit Suisse and Morgan Stanley. Together with the approval
of this loan by the Quebec Superior Court earlier this week,
today's approval clears the way for Quebecor World to obtain the
cash infusion, the first part of a $1 billion in new financing. The
proceeds of the financing will be used to fund its operations as
the Company reorganizes under the protection of the courts in the
United States and Canada.
The Court also granted a series of other requests from Quebecor
World's subsidiaries in the United States. Among other things, the
Court authorized the Company to continue to honor its ongoing
obligations to its employees and to honor all commitments to the
Company's customers so as to ensure that customers receive the same
high level of service they depend upon to meet their advertising
and publishing needs.
Forward looking statements
This press release may include "forward-looking statements" that
involve risks and uncertainties. All statements other than
statements of historical facts included in this press release,
including statements regarding the prospects of the industry and
prospects, plans, financial position and business strategy of
Quebecor World Inc. (the "Company"), may constitute forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities legislation
and regulations. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "plan,"
"foresee," "believe" or "continue" or the negatives of these terms
or variations of them or similar terminology. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these
expectations will prove to have been correct. Forward-looking
statements do not take into account the effect that transactions or
non-recurring or other special items announced or occurring after
the statements are made have on the Company's business. For
example, they do not include the effect of dispositions,
acquisitions, other business transactions, asset writedowns or
other charges announced or occurring after forward-looking
statements are made.
Investors and others are cautioned that undue reliance should
not be placed on any forward-looking statements. For more
information on the risks, uncertainties and assumptions that could
cause the Company's actual results to differ from current
expectations, please refer to the Company's public filings
available at www.sedar.com, www.sec.gov and www.quebecorworld.com.
In particular, further details and descriptions of these and other
factors are disclosed in the "Risks and Uncertainties related to
the Company's business" section of the Company's Management's
Discussion and Analysis for the year ended December 31, 2006, and
the "Risk Factors" section of the Company's Annual Information Form
for the year ended December 31, 2006.
The forward-looking statements in this press release reflect the
Company's expectations as of January 23, 2008 and are subject to
change after this date. The Company expressly disclaims any
obligation or intention to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by the applicable securities
laws.
About Quebecor World
Quebecor World Inc. (TSX: IQW) (NYSE: IQW) is a world leader in
providing high-value, complete marketing and advertising solutions
to leading retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers. The Company
is a market leader in most of its major product categories, which
include advertising inserts and circulars, catalogs, direct mail
products, magazines, books, directories, digital premedia,
logistics, mail list technologies and other value-added services.
Quebecor World has approximately 28,000 employees working in more
than 115 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.
Web address: www.quebecorworld.com
Contacts: Quebecor World Inc. Tony Ross Vice President,
Communications 514-877-5317 800-567-7070 Quebecor World Inc. Roland
Ribotti, Vice President, Investor Relations and Assistant Treasurer
514-877-5143 800-567-7070 www.quebecorworld.com
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