UPDATE 1-Quebecor World reorganization plans approved

* U.S. and Canadian plans approved in N.Y., Quebec

* Follows hearings on June 30

TORONTO, July 2 (Reuters) - Bankrupt commercial printer Quebecor World Inc IQW.TO said on Thursday that its U.S. and Canadian plans of reorganization have been approved by a U.S. bankruptcy court and the Quebec Superior Court.

The approvals follow hearings held jointly in Quebec and New York on June 30 that sanctioned Quebecor's reorganization plans. [ID:nN30465274]

"We are very pleased that our U.S. and Canadian plans have been approved by the U.S. Bankruptcy Court and the Quebec Superior Court," Quebecor World President and Chief Executive Jacques Mallette said in a statement.

"This is a major milestone in successfully restructuring our company to benefit all stakeholders. We look forward to exiting creditor protection in mid-July and moving forward with the implementation of our business plan as a strong competitor in the industry." (Reporting by John McCrank; editing by Rob Wilson)