Quebecor Reorganization Plan Approved; New Directors Announced
By Jim Milliot -- Publishers Weekly, 6/23/2009 5:44:00 AM
Creditors of Quebecor in both the U.S. and Canada have approved the printing giant’s reorganization plan, clearing the way for the company to emerge from bankruptcy in mid-July. The company reported that 86% of creditors in the U.S. approved the plan while 96% of Canadian creditors supported the plan. A joint confirmation hearing on the U.S. plan and the Canadian plan is scheduled for June 30 in the U.S. Bankruptcy Court for the Southern District of New York. Barring any last minute issues, Quebecor anticipates consummating both plans next month.When the company emerges from bankruptcy it will have a new board with Jacques Mallette, Quebecor’s chief executive, the only current director staying on the board. Among the new directors will be Mark Angelson, former CEO of R.R. Donnelley, who will be chairman. Joining Angelson will be Tom Ryder, former chairman and CEO of Reader's Digest, and Jack Kliger, former president and CEO of Hachette Filipacchi. Raymond Bromark, chairman of the audit committee of CA, Inc., and a retired senior partner of PricewaterhouseCoopers, also will be named to the board, along with turnaround specialist James Gaffney, printing industry veteran Michael Allen, Canadian lawyer and former senior officer of Alcan, Inc., David McAusland, and Gabriel de Alba, managing director and partner of Catalyst Capital Group of Toronto.
In announcing the new board, Quebecor signaled that it will be looking to make acquisitions. In appointing Angelson chairman, Quebecor noted that he was the “leading architect of the 2003-2007 printing industry consolidation.” A spokesman for the director designees added, "The highly fragmented printing industry must undergo further consolidation, and this company will be an important part of that process. We look forward to providing overall strategic guidance, best governance practices and oversight." The new board members will be seated after Quebecor emerges from bankruptcy.
