Quebecor to Emerge From Chapter 11 by Mid-July

Quebecor World Inc. announced that, after negotiations with its major creditors, it has reached an agreement in principle on key terms that will allow it to emerge from Chapter 11 bankruptcy. According to the company, these terms "will form the basis of a comprehensive plan of reorganization, arrangement or compromise that will recapitalize and substantially deleverage the company from its pre-filing levels. In connection with this restructuring, the company also anticipates having to arrange exit financing at levels below its current debtor-in-possession financing facility."