In a statement, the print giant said it has effectively cancelled its shares and announced new issues of common shares, Class A Convertible preferred shares, and Series I and II Warrants. The new shares are expected to launch on the Toronto stock exchange within 30 days.

It said it has drawn down some $US540 million from its $US800m financing facility and has now fully paid back its debtor in possession credit facility.

Companies within Quebecor World are to rebrand as variants of Color World Press – the name of one of the original companies that merged in 1999 to create Quebecor World.

Quebecor World president and chief executive Jacques Mallette said: “This is an important and exciting day for the company, its customers, suppliers and employees. I would like to thank everyone who has supported us through this process. The restructuring and reorganising 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.”

Quebecor World entered bankruptcy protection in Canada and the US at the beginning of 2008. Most recently RR Donnelley made an unsuccessful bid for the company.

Read the original article at www.printweek.com.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter