Quebecor World shakes up boardroom
Bankrupt commercial printer Quebecor World Inc. said yesterday its creditors have approved plans of reorganization in Canada and the United States.
Quebecor also said Mark Angelson, the former chief executive of U.S. printing company and spurned suitor R.R. Donnelley & Sons, would become chairman of its new nine-member board, replacing former prime minister Brian Mulroney.
On June 10, R.R. Donnelley abandoned its $1.5 billion offer to buy Quebecor World, which had rejected the bid.
Quebecor World CEO 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., 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 affordable health insurance quote.
The Montreal-based company said about 86.4 per cent 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 per cent, or $1.82 billion (U.S.), of the total dollar value of claims voted.
The company’s second amended and restated Canadian plan of reorganization was approved by about 96 per cent of the affected creditors, representing about 89 per cent of the total value of claims voted.
A joint confirmation hearing on the two plans is set for June 30 in the courts, Quebecor World said.
Quebecor World prints books, magazines, directories and advertising materials. It filed for court protection in January 2008 and currently has about 20,000 employees.
Reuters News Agency
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