SYMBOL CHANGE: QBRWF
Quebecor World Inc. (Toronto:IQW.TO - News) (NYSE:IQW - News) 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.
MONTREAL, QUEBEC--(MARKET WIRE)--Jan 23, 2008 -- Quebecor World Inc. (IQW: TSX) (NYSE:IQW - News) today received the initial United States court orders it sought as part of its court supervised reorganization and protection. United States Judge James Peck today provided the final authorization needed for Quebecor World Inc. to borrow up to $750 million under the terms of the credit facility from Credit Suisse and Morgan Stanley. Together with the approval of this loan by the Quebec Superior Court earlier this week, today's approval clears the way for Quebecor World to obtain the cash infusion, the first part of a $1 billion in new financing. The proceeds of the financing will be used to fund its operations as the Company reorganizes under the protection of the courts in the United States and Canada.
The Court also granted a series of other requests from Quebecor World's subsidiaries in the United States. Among other things, the Court authorized the Company to continue to honor its ongoing obligations to its employees and to honor all commitments to the Company's customers so as to ensure that customers receive the same high level of service they depend upon to meet their advertising and publishing needs.