Quebecor Extends Contracts with Rodale, Forbes
Printer files reorganization plan in U.S.; Canada soon.
Quebecor World has filed its plan of reorganization with the U.S. Bankruptcy Court. The company plans to make a similar filing in Canada in the first week of May, it said.
Earlier this month, the printer said it reached an agreement with its creditors that it could allow the company to emerge from bankruptcy protection as early as mid-July.
Meanwhile, Quebecor has signed multi-year contract extensions with Forbes Media, to provide printing and logistics services for its magazines, and with Rodale to print its hardcover and paperback books.
Last week, Quebecor said it reduced employee salaries company-wide by 10 percent, and cut one week of paid vacation time. The moves were made as part of the it’s overall cost-cutting initiatives, the company said.