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Jul 1, 2009 12:00 AM
Judge James Peck of the U.S. Bankruptcy Court in the Southern District of New York and Judge Robert Mongeon of the Quebec Superior Court in Montreal, in a joint hearing, have approved Quebecor World Inc.'s (Montreal) reorganization plan.
The July 30 court approval proceedings were delayed when some of the creditors objected due to a lack of consensus on some of the terms and conditions. On June 25, The U.S. government asked the court to deny Quebecor World's restructuring plan because of unpaid Clean Air Act penalties and taxes. The judges reportedly considered objections from other interested parties, including the Graphic Communications Conference of the International Brotherhood of Teamsters National Pension Fund. The judges recommended the creditors work with Quebecor to resolve their concerns and, as we go to press, they have set a court date to hear any remaining objections July 13.
Quebecor World filed for court protection in January 2008 and expects to emerge from bankruptcy, rebranded as Novink, this month. Mark Angelson, former CEO of RR Donnelley, will be chairman.