At meetings in Canada and the US yesterday, creditors representing 89 per cent of the total US$1.82 billion (A$2.29bn) debt voted to approve the plan, which will enable the company to exit creditor protection.

Quebecor World will now await a court hearing on June 30 at which stage the approval of its plan will be officially recognised. The company said it hopes to exit creditor protection by mid-July.

It is anticipated that the company will emerge as a smaller stand alone business targeting a small profit in its first year of operations.

One US print industry website has reported that it will operate under the brand Novink, although this has not been confirmed.

Quebecor World filed for creditor protection in Canada and the US in January last year. The company was recently the target of an acquisition bid by RR Donnelly, though the proposal “expired” earlier this month.

Read the original article at www.printweek.com.

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