Business News

Quebecor World Continues to Pursue Financing Options

Wednesday 02. January 2008 - Quebecor World Inc. (TSX:IQW)(NYSE:IQW) announced that with the assistance of its independent financial advisor, it continues to actively pursue financing options and solutions to its liquidity and balance sheet challenges and to explore various strategic alternatives.

In addition, Quebecor World announced that to facilitate its undertaking for financing initiatives, it has obtained from its banking syndicate and the sponsors of its North American securitization program waivers until March 31, 2008 from compliance with certain financial tests under the relevant agreements in respect of the quarter ended December 31, 2007, in particular, the maximum Debt-to-EBITDA ratio of 4.50:1.00. These waivers are subject to a number of conditions including (1) the Company having obtained, on or before January 15, 2008, U.S.$125 million of new financing and (2) the Company delivering, on or before January 31, 2008, a “Refinancing Transaction”, being comprised of commitments or other arrangements satisfactory to the Company’s lenders which would reduce the Company’s current credit facility to U.S.$500 million by February 29, 2008 and further allow the repayment in full of the Company’s current credit facility and the concurrent termination of the Company’s North American securitization program on or before June 30, 2008.

In connection with the foregoing, the Company is in active discussions with major financial institutions in respect of financing alternatives that could satisfy the conditions under the aforementioned waivers, although no firm commitments have been obtained as of the date of this release and there can be no assurance that such financing commitments will be obtained.