At meetings in Canada and the US yesterday, creditors representing 89% of the total $1.82bn (£1.12bn) debt voted to approve the plan, which will enable the company to exit creditor protection.

Quebecor World will now await a court hearing on 30 June at which stage the approval of its plan will be officially recognised. The company said it hopes to exit creditor protection by mid-July.

It is anticipated that the company will emerge as a smaller stand alone business targeting a small profit in its first year of operations.

One US print industry website has reported that it will operate under the brand Novink, although this has not been confirmed.

Quebecor World filed for creditor protection in Canada and the US in January last year. Shortly after, it closed its only UK site in Corby, Northamptonshire and sold off its European assets to HHBV.