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February 7, 2008 |
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QUEBECOR WORLD: Justice Mongeon OKs Ernst & Young as Monitor Quebecor World Inc. and its Canadian Debtor affiliates obtained permission from the Honorable Justice Robert Mongeon at the Superior Court of Justice (Commercial Division), for the Province of Quebec, in Canada, to appoint Ernst & Young Inc., as their monitor in its insolvency proceedings under the Canadian Companies' Creditors Arrangement Act. As an officer of the Canadian Court, E&Y is expected to monitor the Debtors' business and financial affairs. The Monitor will not interfere with the Debtors' business and financial affairs, and is not empowered to take possession of the Debtors' property nor manage any of their business or financial affairs. The Debtors and their directors, officers, employees and agents, accountants, auditors, and all other related parties will provide the Monitor with unrestricted access to all of the Debtors' properties, including premises, books, records, data, including data in electronic form, and all other documents of the Debtors in connection with the Monitor's duties and responsibilities. The Monitor may provide creditors and other interested parties with information relating to the Debtors. The Monitor, however, will not disclose any information that is considered confidential, proprietary or competitive, or where the disclosure of information would be prejudicial to the Debtors' restructuring process. The Monitor will not incur any liability or obligation as a result of its appointment and the fulfillment of its duties, except any liability arising from its gross negligence or willful misconduct. No action will be commenced against the Monitor relating to its appointment, except without prior leave of the Canadian Court. The Debtors will entitle the Monitor, its legal counsel, as well as the Debtors' legal counsel, an administration charge on the Debtors' Property, not exceeding CDNUS$5,000,000. 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 its debtor-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 Debtors listed total assets of US$5,554,900,000 and total debts of US$4,140,700,000 when they filed for bankruptcy. 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. (Quebecor World Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/ or 215/945-7000) |
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