Bloomberg news reports that ASK Financial, a trustee for Quebecor World (renamed World Color Press in mid-2009), filed around 1,700 complaints for the return of US$390 million that the Montreal printer made in pre-bankruptcy payments.
After Qubecor World emerged from bankruptcy protection in July 2010, Bloomberg reports that ASK Financial began preparing some 1,700 complaints for the U.S. Bankruptcy Court in New York. The litigation is designed to retrieve payments that Quebecor World made – around US$390 million in total – within 90 days before filing for bankruptcy protection in January 2008.
Paper companies make up a substantial portion of ASK Finacial’s list, which also includes recognizable names like Heidelberg, Kodak and RR Donnelley. Proceeds from the litigation, according to Bloomberg’s report, will go to unsecured creditors.
Read Bloomberg report: Quebecor Sues UPM, Catalyst, NewPage for $55 Million