Quebecor World files for bankruptcy in Canada and US

On January 21, 2008, Montreal-based Quebecor World Inc., one of the largest printers in North America, filed for creditor protection under the Companies' Creditor Arrangement Act (CCAA) in Canada, listing more than $1 billion in liabilities and only $600 million in assets. A number of Quebecor World's US subsidiaries are covered by the CCAA filing in Canada as well as in the US under Chapter 11 of the United States Bankruptcy Code. Application under the CCAA was heard by the Quebec Superior Court and the Chapter 11 filing was made in the Southern District of New York. Fasken Martineau has been retained to advise the company's largest shareholder, Quebecor Inc. and its sister company QMI, as the printer works to complete a reorganization. The Fasken Martineau team is led by Jon Levin and Alain Riendeau.