June 23, 2009 / 5:44 AM / 8 years ago

UPDATE 3-Quebecor World creditors approve restructuring

* Creditors approve U.S., Canadian plans of reorganization

* Former CEO of R.R. Donnelley to be named chairman

* Mark Angelson to chair new nine-member board (Adds TORONTO to dateline; details on new management)

TORONTO, June 23 (Reuters) - Bankrupt commercial printer Quebecor World Inc IQW.TO said on Tuesday that its creditors have approved its U.S. and Canadian plans of reorganization.

The Montreal-based company said about 86.4 percent of all voting creditors across classes had voted to accept the company’s third amended U.S. reorganization plan.

Creditors approving the U.S. plan represented 88.9 percent, or $1.82 billion, of the total dollar value of claims voted.

The company’s second amended and restated Canadian plan of reorganization was approved by about 96 percent of the affected creditors, representing about 89 percent of the total value of claims voted.

Quebecor also said Mark Angelson, the former chief executive of U.S. printing company and spurned suitor R.R. Donnelley & Sons RRD.N, would become chairman of its new nine-member board.

On June 10, R.R. Donnelley abandoned its $1.5 billion offer to buy Quebecor World, which had rejected the bid. [ID:nN10338012]

Quebecor World Chief Executive Jacques Mallette is the only holdover from the current board, the company said.

Other members slated to join the board include Tom Ryder, former chairman and CEO of Reader’s Digest Association Inc [RPPLER.UL], Jack Kliger, former CEO of magazine publisher Hachette Filipacchi, and Raymond Bromark, a retired senior partner of PricewaterhouseCoopers.

The new board members will be seated upon Quebecor World’s emergence from its insolvency proceedings, which is expected to occur in July.

Quebecor World prints books, magazines, directories and advertising materials. It filed for court protection in January 2008 and currently has about 20,000 employees.

A joint confirmation hearing on the U.S. plan and the Canadian plan is scheduled for June 30 in the courts, Quebecor World said. (Reporting by Chakradhar Adusumilli in Bangalore and Euan Rocha in Toronto; Editing by Lisa Von Ahn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below