Quebecor Inc.

Quebecor Inc.

January 21, 2008 09:12 ET

Quebecor/Tricap Rescue Financing Proposal Rejected by Quebecor World's Lenders

MONTREAL, QUEBEC--(Marketwire - Jan. 21, 2008) - Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) announced today that certain key conditions precedent to its $400 Million Rescue Financing Proposal made to Quebecor World Inc. ("QWI") on January 11, 2008 jointly with Tricap Partners Ltd. ("Tricap") were not met by the expiry date. In particular, QWI's lenders under its Senior Secured Credit Agreement and the sponsor banks of QWI's North American securitization facility did not consent to the Rescue Financing on the terms proposed. The Rescue Financing Proposal was believed to be in the best interests of QWI and its stakeholders and intended to avoid QWI's filing for bankruptcy protection today.

Quebecor Inc., directly and through its various subsidiaries, is an important creditor, customer and the largest shareholder of QWI. Accordingly, it will monitor QWI's CCAA and Chapter 11 proceedings closely and work with its financial and legal advisors in that regard.

Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) is a communications company with operations in North America, Europe, Latin America and Asia. It has two operating subsidiaries, Quebecor World Inc. and Quebecor Media Inc. Quebecor World is one of the largest commercial print media services companies in the world. Quebecor Media owns operating companies in numerous media related businesses: Videotron Ltd., the largest cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Quebecor Media's Newspapers segment, the largest publisher of newspapers in Canada; TVA Group Inc., operator of the largest French language over the air television network in Quebec, a number of specialty channels, and the English language over the air station Sun TV; Canoe Inc., operator of a network of English and French language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; companies engaged in book publishing and magazine publishing; and companies engaged in the production, distribution and retailing of cultural products, namely Archambault Group Inc., the largest chain of music stores in eastern Canada, TVA Films, and Le SuperClub Videotron ltee, a chain of video and video game rental and retail stores. Quebecor Inc. has operations in 18 countries.

Contact Information

  • Quebecor Inc.
    Luc Lavoie
    Executive Vice President, Corporate Affairs
    Cell: 514-947-6672