Peladeau stepped down from the board of directors last week, alongside his brother Erik and two other directors, as Quebecor Inc pursued its legal claim to block the company, which is restructuring under Chapter 11, from acquiring new printing presses.
The legal challenge is reported in the Canadian media to have stemmed from a verbal agreement between Quebecor World and Quebecor Inc in 2005, in which the printer allegedly pledged to put work through presses at a Quebecor Media site - a division owned by Quebecor Inc - and not to buy new presses.
According to reports, this pledge was seen to be broken when Quebecor World purchased three new Manroland Lithoman S presses, although legal action to block the purchase has so far been unsuccessful.
A statement released by Quebecor World said that it felt the resignations were "advisable" in view of the legal action. Pierre Karl and Erik Peladeau sit on the board of former parent company Quebecor Inc.
Quebecor World filed for Chapter 11 protection in January last year and has been restructuring under court protection since then. Its share price briefly dropped to $0.01 on the resignation of the directors, down from a high of $29 in March 2002.
Quebecor World directors quit amid legal wrangle
Pierre Karl Peladeau has stepped down with three other directors from Quebecor World's board in the wake of a legal challenge from its former parent company, ending a miserable year for the international printing giant.
