Quebecor Integrates; Gets Court OK
-- Publishers Weekly, 6/23/2008 7:15:00 AM
Quebecor World, which is working its way through bankruptcy, said last week that it has integrated its magazine, book and directory division into a single structure to be known as the Publishing Services Group. Kevin Clarke, president of the book and directory division, has been named to head the combined operation. The consolidation will put the divisions under one operating platform that will cut costs and speed service, Quebecor said.
The company also received bankruptcy court approval late last week to sell its European operations to a Netherlands investment group, Hombergh/De Pundert Group. The value of the deal is placed at €133 million ($194 million), comprised of €46.5 million in cash, the assumption of €65 million in debt, plus a €21.5 million five-year note. With the court approval, the deal is expected to close before the end of the month.
