Quebecor World Share Price Doubles

Quebecor World Inc. (IQW) shares were up 92% or C$0.13 to C$0.27 at 11 a.m. ET on Wednesday after the company said it has been awarded a new contract with The McGraw-Hill Companies extending into 2014.

The new agreement is valued at approximately C$285-million over its term and covers a wide range of educational textbooks, ancillary products, professional learning products and catalogs.

On Tuesday, the commercial printer has received final approval from a U.S. court for the C$1 billion debtor-in-possession financing it will need to stabilize itself. Quebecor is restructuring under protection from creditors.

The C$1-billion total is comprised of a term loan of C$600-million and a $400-million revolving loan facility. Quebecor World also said it currently has about C$500 million in total liquidity and has exceeded its cash-flow projections by about C$160-million.

Comments

[User 176445]

DOES THIS MEAN SOME OF THERE U.S PLANTS MAY BE CLOSE DUE TO THE CHAPTER ?