MONTREAL, CANADA, Feb 19 (MARKET WIRE) --
Quebecor World Inc. (TSX: IQW) provides the following update on its
restructuring under the Companies' Creditors Arrangement Act (Canada)
(the CCAA):
First Extension of Stay Period
Quebecor World Inc. and the other Quebecor World companies involved in
the CCAA restructuring process obtained an initial court order under the
CCAA on January 21, 2008 providing for a stay of proceedings until
February 20, 2008. Quebecor World announces that the Superior Court of
Quebec has today extended the stay of proceedings up to and including May
12, 2008. Among other matters, the First Stay Extension Order relieves
Quebecor World of its obligation to convene and hold its annual meeting
of shareholders prior to June 30, 2008 and directs Quebecor World to hold
its next annual shareholders' meeting within three (3) months following
the ultimate termination date of the stay period.
A copy of the First Stay Extension Order is available at
http://www.quebecorworldinc.com/restructuring.aspx.
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 Quebecor World Inc. (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 February 19, 2008 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.
Quebecor World Inc. is currently subject to Court protection under the
Companies' Creditors Arrangement Act (Canada), and various U.S.
subsidiaries have filed petitions under Chapter 11 of the U.S. Bankruptcy
Code.
About Quebecor World
Quebecor World Inc. (TSX: 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, and Switzerland.
Web address: www.quebecorworld.com
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
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