News

Montréal, Canada – Quebecor World Inc. (TSX: IQW) announced today it received final approval for the $1 billion debtor-in-possession (DIP) financing. The order was approved and entered today by Judge James Peck of the Southern District of New York.

The $1 billion financing is comprised of a term loan of $600 million and a revolving loan facility of $400 million. The final order serves to confirm the $750 million of interim financing that was made available since the January 23rd interim court order and increases the availability by a further $250 million effective today. Combined with unrestricted cash on hand of $110 million and undrawn availability under the $400 million revolver, the Company now has liquidity of approximately $500 million. In addition, the Company has exceeded by approximately $160 million its cash flow projections as filed by the court-appointed Monitor on February 14th, 2008. This level of liquidity and favourable cash flow performance reflects the Company’s clear direction towards emerging from creditor protection as a strong and stable enterprise.

The Company believes that this financing and its ability to generate significant cash flow from operations will allow it to pursue its operations serving all its global customers with superior products and enhanced value-added services while working with its stakeholders to emerge from creditor protection as a strong company in its industry.

http://www.quebecorworldinc.com/news.aspx?id=1810