MONTREAL, CANADA, Dec 31 (MARKET WIRE) --
Quebecor World Inc. (TSX: IQW)(NYSE: IQW) today announced that with the
assistance of its independent financial advisor, it continues to actively
pursue financing options and solutions to its liquidity and balance sheet
challenges and to explore various strategic alternatives.
In addition, Quebecor World announced today that to facilitate its
undertaking for financing initiatives, it has obtained from its banking
syndicate and the sponsors of its North American securitization program
waivers until March 31, 2008 from compliance with certain financial tests
under the relevant agreements in respect of the quarter ended December
31, 2007, in particular, the maximum Debt-to-EBITDA ratio of 4.50:1.00.
These waivers are subject to a number of conditions including (1) the
Company having obtained, on or before January 15, 2008, U.S.$125 million
of new financing and (2) the Company delivering, on or before January 31,
2008, a "Refinancing Transaction", being comprised of commitments or
other arrangements satisfactory to the Company's lenders which would
reduce the Company's current credit facility to U.S.$500 million by
February 29, 2008 and further allow the repayment in full of the
Company's current credit facility and the concurrent termination of the
Company's North American securitization program on or before June 30,
2008.
In connection with the foregoing, the Company is in active discussions
with major financial institutions in respect of financing alternatives
that could satisfy the conditions under the aforementioned waivers,
although no firm commitments have been obtained as of the date of this
release and there can be no assurance that such financing commitments
will be obtained.
Forward looking statements
This press release may include "forward-looking statements" that involve
risks and uncertainties. All statements other than statements of
historical facts included in this press release, including statements
regarding the prospects of the industry and prospects, plans, financial
position and business strategy of the Company, may constitute
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and Canadian securities
legislation and regulations. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "plan," "foresee,"
"believe" or "continue" or the negatives of these terms or variations of
them or similar terminology. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will prove
to have been correct. Forward-looking statements do not take into account
the effect that transactions or non-recurring or other special items
announced or occurring after the statements are made have on the
Company's business. For example, they do not include the effect of
dispositions, acquisitions, other business transactions, asset writedowns
or other charges announced or occurring after forward-looking statements
are made.
Investors and others are cautioned that undue reliance should not be
placed on any forward-looking statements. For more information on the
risks, uncertainties and assumptions that could cause the Company's
actual results to differ from current expectations, please refer to the
Company's public filings available at www.sedar.com, www.sec.gov and
www.quebecorworld.com. In particular, further details and descriptions of
these and other factors are disclosed in the "Risks and Uncertainties
related to the Company's business" section of the Company's Management's
Discussion and Analysis for the year ended December 31, 2006, and the
"Risk Factors" section of the Company's Annual Information Form for the
year ended December 31, 2006.
The forward-looking statements in this press release reflect the
Company's expectations as of December 31, 2007 and are subject to change
after this date. The Company expressly disclaims any obligation or
intention to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise, unless required
by the applicable securities laws.
About Quebecor World
Quebecor World Inc. (TSX: IQW)(NYSE: IQW) is a world leader in providing
high-value, complete marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other businesses with
marketing and advertising activities, as well as complete, full-service
print solutions for publishers. The Company is a market leader in most of
its major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books, directories,
digital premedia, logistics, mail list technologies and other value-added
services. Quebecor World has approximately 28,000 employees working in
more than 115 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland,
France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
Contacts:
Quebecor World Inc.
Tony Ross
Vice President, Communications
514-877-5317
800-567-7070
Quebecor World Inc.
Roland Ribotti
Vice President, Investor Relations
and Assistant Treasurer
514-877-5143
800-567-7070
Copyright 2007, Market Wire, All rights reserved.
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