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Quebecor World bankruptcy plan clears more hurdles

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Montreal—Quebecor World, along with its debtors and debtors-in-possession, announced that bankruptcy courts in the U.S. and Canada have tentatively approved its reorganization plan.

The printer said it still expects to emerge from bankruptcy protection in the middle of this month. The company, its debtors and other stakeholders may appear before U.S. and Canadian courts at a joint hearing on July 13 to report on the status of “any issues that remain outstanding” regarding the reorganization. The U.S. government is reportedly concerned about the status of $150 million in tax and environmental liabilities related to the company.

“We are very pleased that our U.S. and Canadian plans have been approved by the U.S. Bankruptcy Court and the Quebec Superior Court. This is a major milestone in successfully restructuring our company to benefit all stakeholders,” Quebecor President-CEO Jacques Mallette said in a statement.

Canadian Press is reporting that when Quebecor emerges from bankruptcy protection the printer will have a new name: Novink.

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