U.S. Objects to Quebecor World Restructuring Over Taxes And Clean Air Penalties

Quebecor World's (TSX: IQW.TO) effort to restructure the insolvent printer hit a roadblock Thursday after the U.S. government asked a U.S. Bankruptcy judge to deny the plan because of unpaid taxes and environmental penalties. The government said the plan, which was set to be confirmed Tuesday in New York, improperly lets a wide swath of third parties off the hook for claims and liabilities, including US$150 million in Clean Air Act penalties and more than US$10 million owed to the Internal Revenue Service.