Magazine printing giant Quebecor World said that its creditors have approved the company’s plans of reorganization in the U.S. and Canada.
Approximately 96 percent of Quebecor’s Canadian creditors voted to approve its reorganization plan in that country, the company said. In the U.S., 86.4 percent of voting creditors, aggregated across voting classes, voted to accept the plan. Quebecor said it believes the vote will “satisfy” bankruptcy code requirements.
A joint confirmation hearing—one in U.S. Bankruptcy Court for the Southern District of New York, the other in Quebec Superior Court—is scheduled for June 30. Quebecor said it expects consummation of both plans by mid-July.
Meanwhile, creditors also approved the members of Quebecor’s new board of directors. Former R.R. Donnelley CEO Mark Angelson was named chairman.
Earlier this month, R.R. Donnelley officially ended its bid to buy Quebecor for approximately $1.83 billion, after Quebecor’s then board of directors rejected it. The board felt the deal would trigger a lengthy antitrust review, which could delay its creditors from receiving the cash that would come to them as part of the restructuring.
Joining Angelson on Quebecor’s new board will be former Hachette president and CEO Jack Kliger and Tom Ryder, the former chairman and CEO of Reader’s Digest. Quebecor CEO Jacques Mallette is expected to be the only current board member to transition to the new board, the company said.