Quebecor World Changes Name to 'World Color Press,' Not 'Novink'
Magazine printer officially emerges from bankruptcy protection.
Quebecor World has officially emerged from bankruptcy protection in the U.S. and Canada, the Montreal-based magazine printer said today.
As part of its plans of reorganization, Quebecor World closed on $800 million in exit financing and drew approximately $540 million to repay its debtor-in-possession credit facility. The companyâ€™s previously issued and outstanding multiple voting shares, redeemable first preferred shares and subordinate voting shares were effectively canceled.
According to president and CEO Jacques Mallette, the restructuring and reorganizing process â€śhas made us financially healthier and allowed us to start fresh with a strong balance sheet and a leaner cost structure. We believe the company is now better positioned to meet the present and future competition in the industry and to create value for our stakeholders.â€ť
Last month, Quebecor rejected a $1.82 billion offer from competing printer R.R. Donnelley to purchase the company. Although the offer included millions more in cash than Quebecorâ€™s reorganization plan, the companyâ€™s board of directors felt the deal would trigger a lengthy antitrust review, which could have delayed its creditors from receiving the cash that would come to them as part of the restructuring.
In connection with the announcement, Quebecor said it will change its name to World Color Pressâ€”a name the company has owned since 1999. The company previously was said to be considering the name Novink.
The company said it intends to announce a branding campaign within the next 60 days.
Quebecor also said this week that it signed a multi-year agreement with Schofield Media to continue printing 18 trade magazines, the company said.
Titles under the agreement include U.S. Business Review, Manufacturing Today, Beverage World and Restaurant Business.