The failed printing giant, which went into the US and Canadian equivalent of administration in January last year said it now expects to emerge from bankruptcy protection in mid-July.

Last week, creditors in the US and Canada approved its plans. It had been reported that the US government had voiced concerns over unpaid debts. However, these issues appear to have been addressed.

Quebecor World president and chief executive Jacques Mallette said: "This is a major milestone in successfully restructuring our company to benefit all stakeholders.

"We look forward to exiting creditor protection in mid-July and moving forward with the implementation of our business plan as a strong competitor in the industry."

Under North American bankruptcy laws, a company can trade for months in creditor protection without the threat of having its debts called in enabling it to restructure and realign its cost base.

Advocates for a similar system in the UK include Conservative leader David Cameron.