Quebecor World battles bankruptcy with new contract wins

Two major contract wins have given hope that the tide is turning at Quebecor World as the troubled print giant steps up its fight against bankruptcy.

A newly-signed, multi-year agreement with Wenner Media to print Rolling Stone, US Weekly and the Men's Journal joins the $285m (£143.8m) textbook deal signed with McGraw-Hill last week.

The deals are a sign of hope for Quebecor World which had up to now been plagued by clients jumping ship, most notably Rodgers' move to rival Transcontinental, which saw it leapfrog Quebecor as Canada's largest printer.

In January, Quebecor filed for Chapter 11 in the US and bankruptcy protection in Canada and has since been restructuring its operations across the globe, including the closure of its plant at Corby, Northants, as it attempts to return to profitability.

The company has also announced the launch of IMCS, its multichannel marketing support software, designed to help marketers achieve maximum return on their marketing investment via a range of methods including e-mail and SMS.

Quebecor World executive vice president of sales, Mike Bloomfield, said: "Innovators like Quebecor World are transforming their business model to become a multichannel marketing partner for their customers, leveraging their expertise in print, premedia and logistic services to further integrate it with value-added solutions in interactive, print-to-web solutions and database marketing."

Investors remain sceptical about the company's recovery, however, with shares trading at around 20 cents on the TSX. Its shares are suspended from the New York Stock Exchange following the move in bankruptcy protection.