News

Quebecor's months of turmoil came to some kind of end this week with the news the troubled print giant had filed for creditor protection. Here, PrintWeek provides insight into the fallout across both sides of the Atlantic, as well as some history on the once-mighty Canadian company.

Quebecor World granted CCAA protection
Quebecor World has been granted creditor protection via a companies’ creditors arrangement act (CCAA) for its Canadian operations, foll-owing weeks of financial turmoil that culminated in a rejection of a refinancing package by its syndicate of lenders.

Corby bosses move to calm worry over plant
Bosses at Quebecor’s only UK site in Corby, Northamptonshire have moved to calm speculation concerning the future of the firm in the UK.

'Wake-up call' for print in 2008
Quebecor World’s fall from grace has been met with disbelief by many in the print industry. Once the pin-up of the printing world, the company’s current troubles send a warning to UK print.

Protection filing may buy time to raise funds
Creditor protection in the US and Canada is a long and drawn-out process, which can last up to 18 months and may well end in a revitalised Quebecor World being refloated on the Toronto and New York Stock Exchange.

September 1999 Announces $2.6bn merger with World Color, forming the largest commercial printer in the world, and changes its name to Quebecor World
Share price $25

December 2000 Celebrated 12th year of record results, boasting a 129% increase in operating profit to £367m; paid off debt incurred in the merger with World Color
Share price $22

March 2002 Share price hits record high despite negative impact of 9/11 on its trading; debt to capitalisation ratio 40:60; market believes solid plans in place
Share price $29

February 2005 Announces record revenue for 2004 of $6.6bn; begins retooling programme, borrowing heavily during the year to pay for it, its debts will become unmanageable
Share price $24

December 2005 Starts to sell off plants in the US as part of retooling programme; continues to invest in Europe; reels from Quebecor UK announcing £30m contract loss
Share price $13

November 2007 Announces sale of European division to Roto Smeets in a deal that would ultimately be rejected; attempts to refinance but fails in tough market.
Share price $3

January 2008 Granted waiver on debt covenant but banking consortium rejects refinancing proposal; files for creditor protection amid spiralling debts.
Share price $0.16 and falling