Avenue Capital Group announces ownership of World Color Press Inc.

Wed. August 26, 2009; Posted: 12:02 PM

NEW YORK, Aug. 26, 2009 (Canada NewsWire via COMTEX) -- IQW | Quote | Chart | News | PowerRating -- 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.

SOURCE: Avenue Capital Group

(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

For full details for IQW click here.

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