NEW YORK, Aug. 26 /CNW/ - Avenue Capital Management II, L.P. ("Avenue
Capital") announced today that, in connection with the recently completed
restructuring of World Color Press Inc. (formerly Quebecor World Inc.)
("WCP"), it has acquired, through various investment funds managed by Avenue
Capital, an aggregate of 9,398,376 common shares ("Common Shares"), 1,352,496
class A convertible preferred shares ("Preferred Shares") and warrants to
acquire 3,954,912 Common Shares of WCP ("Warrants").
The Common Shares acquired by Avenue Capital represent approximately
12.8% of the 73,285,000 outstanding Common Shares and the Preferred Shares
acquired by Avenue Capital represent approximately 10.8% of the 12,500,000
outstanding Preferred Shares. After giving effect to the conversion of Avenue
Capital's Preferred Shares into Common Shares, Avenue Capital owns or controls
10,750,872 or approximately 14.4%, of the 74,637,496 outstanding Common Shares
that would then be outstanding. After giving effect to the conversion of
Avenue Capital's Preferred Shares into Common Shares and the exercise of all
of Avenue Capital's Warrants, Avenue Capital owns or controls 14,705,784, or
approximately 18.7%, of the Common Shares that would then be outstanding.
Avenue Capital has acquired these securities for investment purposes.
Depending on market and other conditions, Avenue Capital may, from time to
time, increase or decrease its ownership, control or direction over the Common
Shares, Preferred Shares, Warrants or other securities of WCP.
For further information:
For further information: (including a copy of the report to be filed
with Canadian securities regulators in connection with this acquisition) can
be obtained by contacting: Jason Koenig, (212) 905-5253