Quebecor Reaches Agreement With Creditors, Will Emerge From Bankruptcy Protection
Having reached an agreement with its creditors, Quebecor World Inc. will successfully emerge from bankruptcy protection, the company announced this week.
Quebecor said in a statement that its agreement on a term sheet with its creditors "is an important milestone in the company's process to exit creditor protection as a strong player in its industry."
The term sheet plots out exact terms and conditions for Quebecor's creditors to be paid. While these details are confidential, Quebecor says the company "is very pleased with the agreement because it creates a low-leveraged capital structure that will provide the company with one of the strongest balance sheets in our industry upon exit."
The agreement also means Quebecor is likely to emerge from Chapter 11.
The printer, one of the world's largest, reported a net loss for 2008 of $943.9 million.