Quebecor World Makes Announcement With Respect to Bank and Securitization Waivers
15 Enero 2008 - 7:34PM
Marketwired
MONTREAL, QUEBEC (NYSE: IQW) announced today that in connection
with the waivers obtained from its banking syndicate and the
sponsors of its securitization program announced on December 31,
2007, it has not obtained by January 15, 2008, US$125 million of
new financing, as had been required under the terms of the waivers.
The non-satisfaction of this condition of the December 31, 2007
waiver does not automatically result in the termination of the
banking syndicate's waiver or an acceleration of the maturity of
indebtedness under the Company's credit facilities or a
cross-default under other financial instruments of Quebecor World.
Any such termination, acceleration or default would require formal
notification from a majority of the banking syndicate to Quebecor
World. The non-satisfaction of this condition of the December 31,
2007 waivers also entitles the sponsors under the Company's
securitization program to terminate such program, but any such
termination would not, if effected, result in cross-defaults under
any financial instrument of the Company. The Company had requested
a one week waiver of this condition from its banking syndicate and
securitization sponsors to facilitate the rescue financing
initiative currently underway, but has declined to pay the
significant waiver costs requested by its banking syndicate for
this waiver, as the Company believes it must preserve cash and this
payment would not be in the best interests of all of the Company's
stakeholders. The Company renewed its request that the banking
syndicate provide a suitable waiver and is awaiting the
response.
In addition, Quebecor World announced today that in light of the
announced rescue initiative and its current circumstances, it will
not make the US$19.5 million payment of interest due today on its
outstanding US$400 million 9.75% Senior Notes due 2015. Under the
terms of the indentures relating to the 9.75% Senior Notes due
2015, failure to pay interest does not result in an immediate
default and the Company has 30 days to cure the non-payment.
Quebecor World continues to work with Quebecor Inc. and Tricap
Partners Ltd. on the rescue financing plan announced on January 14,
2008 and believes that satisfaction of the conditions of such
initiative would be in the best interests of the Company and all
its stakeholders. There is no assurance all the consents and
approvals to the completion of the rescue financing plan and
recapitalization initiative will be received on a timely basis.
Forward looking statements
This press release may include "forward-looking statements" that
involve risks and uncertainties. All statements other than
statements of historical facts included in this press release,
including statements regarding the prospects of the industry and
prospects, plans, financial position and business strategy of
Quebecor World Inc. (the "Company"), may constitute forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities legislation
and regulations. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "plan,"
"foresee," "believe" or "continue" or the negatives of these terms
or variations of them or similar terminology. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these
expectations will prove to have been correct. Forward-looking
statements do not take into account the effect that transactions or
non-recurring or other special items announced or occurring after
the statements are made have on the Company's business. For
example, they do not include the effect of dispositions,
acquisitions, other business transactions, asset writedowns or
other charges announced or occurring after forward-looking
statements are made.
Investors and others are cautioned that undue reliance should
not be placed on any forward-looking statements. For more
information on the risks, uncertainties and assumptions that could
cause the Company's actual results to differ from current
expectations, please refer to the Company's public filings
available at www.sedar.com, www.sec.gov and www.quebecorworld.com.
In particular, further details and descriptions of these and other
factors are disclosed in the "Risks and Uncertainties related to
the Company's business" section of the Company's Management's
Discussion and Analysis for the year ended December 31, 2006, and
the "Risk Factors" section of the Company's Annual Information Form
for the year ended December 31, 2006.
The forward-looking statements in this press release reflect the
Company's expectations as of January 15, 2008 and are subject to
change after this date. The Company expressly disclaims any
obligation or intention to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by the applicable securities
laws.
About Quebecor World
Quebecor World Inc. (TSX: IQW) (NYSE: IQW) 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.
Web address: www.quebecorworld.com
Contacts: Quebecor World Inc. Tony Ross Vice President,
Communications 514-877-5317 800-567-7070 Quebecor World Inc. Roland
Ribotti Vice President, Investor Relations and Assistant Treasurer
514-877-5143 800-567-7070
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