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March 31, 2008 |
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QUEBECOR WORLD: Panel Taps Kurtzman as Communications Agent The Official Committee of Unsecured Creditors of Quebecor World Inc. and its affiliates seeks the U.S. Bankruptcy Court for the Southern District of New York's authority to retain Kurtzman Carson Consultants, LLC, as its communications agent, nunc pro tunc to Feb. 21, 2008. According to Madeleine Fequeire, director of Abitibi- Consolidated Sales Corp. and co-chairperson of the Committee, the Committee seeks to employ Kurtman Carson in compliance to its obligation under Section 1102(b)(3) of the Bankruptcy Code. Kurztman Carson is expected to: (a) establish and maintain an Internet-accessed Web site that provides, without limitation: (1) general information concerning the Debtors, including, case dockets, access to docket filings, and general information concerning significant parties in the cases; (2) highlights of significant events in the cases; (3) a calendar with upcoming significant events in the cases; (4) access to the claims docket as and when established by the Debtors or any claim agent retained in the cases; (5) a link to the Web site of the monitor appointed in the Debtors' Canadian proceedings; (6) a general overview of the chapter 11 process; (7) press releases (if any) issued by each of the Committee and the Debtors; (8) a non-public registration form for creditors to request "real-time" case updates via electronic mail; (9) a non-public form to submit creditor questions, comments and requests for access to information; (10) responses to creditor questions, comments and requests for access to information; provided, that the Committee may privately provide such responses in the exercise of its reasonable discretion, including in the light of the nature of the information request and the creditor's agreements to appropriate confidentiality and trading constraints; (11) answers to frequently asked questions; and (12) links to other relevant Web sites. (b) distribute case updates via electronic mail for creditors that have registered for this service on the Committee Web site; (c) establish and maintain a telephone number and electronic mail address for creditors to submit questions and comments; and (d) print and serve documents as directed by the Committee and its counsel. Kurtzman Carson is charging its normal and customary rates for its services to the Committee. The United States Trustee has agreed that Kurtzman Carson, in order to maintain its competitive rates, is not required to include its fee structure in the Committee's application. A full text copy of the KCC Agreement is available for free at: http://bankrupt.com/misc/Quebecor_KCCLLC_Agreement.pdf Sheryl Betance, director of KCC's Restructuring Services, says that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, and does not hold or represent any interest adverse to the Debtors' estates or of any class of creditors or equity security holders. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/ -- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/ -- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/ or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. |
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