Quebecor World becomes World Color Press as it emerges from bankruptcy

Quebecor World is to be renamed World Color Press as it is officially emerges from bankruptcy protection. The name change for the huge printer (it had been considering Novink as its new handle) brings the company around almost full circle; World Color was the major printing asset absorbed by Quebecor Inc. and merged with its subsidiary, Quebecor Printing, that resulted in Quebecor World becoming the largest printer in the world. The company said that it would roll out a new branding campaign within 60 days.

According to a story in Folio:

As part of its plans of reorganization, Quebecor World closed on $800 million in exit and drew approximately $540 million to repay its debtor-in-possession credit facility. The company’s previously issued and outstanding multiple voting shares, redeemable first preferred shares and subordinate voting shares were effectively canceled.

According to president and CEO Jacques Mallette, the restructuring and reorganizing process “has made us financially healthier and allowed us to start fresh with a strong balance sheet and a leaner cost structure. We believe the company is now better positioned to meet the present and future competition in the industry and to create value for our stakeholders.”

Quebecor World in June rejected a series of unsolicited offers from competitor R. R. Donnelley to purchase it, ostensibly because the board felt there would be antitrust implications from such a consolidation.

Related recent posts:

• Courts approve Quebecor World reorganization; now the tax man has to say yes
• Donnelley gives up in bid to take over Quebecor World