Quebecor/Tricap Rescue Financing Proposal Rejected by Quebecor World's Lenders
21 1월 2008 - 11:11PM
Marketwired
MONTREAL, QUEBEC (TSX: QBR.B) announced today that certain key
conditions precedent to its $400 Million Rescue Financing Proposal
made to Quebecor World Inc. ("QWI") on January 11, 2008 jointly
with Tricap Partners Ltd. ("Tricap") were not met by the expiry
date. In particular, QWI's lenders under its Senior Secured Credit
Agreement and the sponsor banks of QWI's North American
securitization facility did not consent to the Rescue Financing on
the terms proposed. The Rescue Financing Proposal was believed to
be in the best interests of QWI and its stakeholders and intended
to avoid QWI's filing for bankruptcy protection today.
Quebecor Inc., directly and through its various subsidiaries, is
an important creditor, customer and the largest shareholder of QWI.
Accordingly, it will monitor QWI's CCAA and Chapter 11 proceedings
closely and work with its financial and legal advisors in that
regard.
Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B) is a communications
company with operations in North America, Europe, Latin America and
Asia. It has two operating subsidiaries, Quebecor World Inc. and
Quebecor Media Inc. Quebecor World is one of the largest commercial
print media services companies in the world. Quebecor Media owns
operating companies in numerous media related businesses: Videotron
Ltd., the largest cable operator in Quebec and a major Internet
Service Provider and provider of telephone and business
telecommunications services; Quebecor Media's Newspapers segment,
the largest publisher of newspapers in Canada; TVA Group Inc.,
operator of the largest French language over the air television
network in Quebec, a number of specialty channels, and the English
language over the air station Sun TV; Canoe Inc., operator of a
network of English and French language Internet properties in
Canada; Nurun Inc., a major interactive technologies and
communications agency with offices in Canada, the United States,
Europe and Asia; companies engaged in book publishing and magazine
publishing; and companies engaged in the production, distribution
and retailing of cultural products, namely Archambault Group Inc.,
the largest chain of music stores in eastern Canada, TVA Films, and
Le SuperClub Videotron ltee, a chain of video and video game rental
and retail stores. Quebecor Inc. has operations in 18
countries.
Contacts: Quebecor Inc. Luc Lavoie Executive Vice President,
Corporate Affairs 514-380-1974 Cell: 514-947-6672
lavoie.luc@quebecor.com
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