MONTREAL—Creditors have approved Quebecor World's U.S. and Canadian plans of reorganization, clearing another hurdle as the insolvent printer bids to exit bankruptcy protection next month. More than 86 percent of the 2,800 ballots cast by creditors green lighted the U.S. plan, while 96 percent of creditors gave an affirmative vote for the Canadian plan. A joint confirmation hearing on both plans is scheduled for June 30.
SEGUIN, TX—Former Story Communications and Webstar Printing owner Mike Story pleaded guilty to lying to his bankers and will serve six months "shock probation" in state prison and receive another 10 years of probation upon completing the six-month stretch, the Seguin Gazette-Enterprise reported. He has also been ordered to pay nearly $600,000 in restitution.
EUGENE, OR—Printing supplies distributor Unisource Worldwide has filed a lawsuit seeking $3.3 million it says is owed by defunct printer Northwest Web, The Register-Guard reported. The printer closed its doors last November. According to the paper, Unisource continued making deliveries to Northwest Web through November, despite not receiving payments since April. A lawyer for Unisource told the Register-Guard that the chance of his client getting paid at this point is "pretty slim."
LIVONIA, MI—Valassis Communications has filed a countersuit against Fraser Papers in district court in Maine. Earlier, Fraser had taken Valassis to court over an alleged unpaid bill for 1.8 million pounds of specialty paper valued at $933,000. In Valassis' countersuit, the printer contends it has not paid the amount allegedly due Fraser because of an earlier outstanding debt owed by Fraser to Valassis for defective paper.
The Lacey Act, a 100 year-old law that prohibits trafficking in illegal wildlife, was amended this year to protect a broader range of plant products, specifically addressing illegal logging. Through the revision, the United States became the first country in the world to ban the importation, exportation and sale of illegally-sourced wood products.
ALBUQUERQUE, NM—March 20, 2008—Optomec today announced that the company has received a one-year development contract from the U.S. Display Consortium (USDC) to further develop its M3D Aerosol Jet System, enabling finer resolution line widths and faster, more efficient production capabilities for printed electronics. The $750,000 cost-shared award will provide Optomec the opportunity to extend its proprietary additive manufacturing technology to a level that has not been possible before through more traditional printing techniques. The USDC, headquartered in San Jose California, is a public/private partnership chartered with developing the flexible electronics and displays industry supply chain. Under the USDC agreement, Optomec will focus on
WASHINGTON, DC—Coated free sheet (CFS) paper imports from China, Korea and Indonesia will not be subject to anti-dumping and counter-veiling duties following a 5-1 decision by the U.S. International Trade Commission (ITC) that concluded the year-long investigation. The determination was that CFS imports were not injuring or threatening to injure the domestic paper industry. Thus, the previously announced duties leveled against the Asian sources by the U.S. Department of Commerce will not stand. It was good news for printers and a blow to the U.S. paper manufacturing sector, the latter of which appeared to be benefitting from the complaint originally levied by NewPage Corp. From the
WASHINGTON, DC—June 8, 2007—The U.S. Department of Commerce recently announced its affirmative preliminary determination in the ongoing anti-dumping (AD) investigation of imported Coated Free Sheet (CFS) paper, setting rates ranging from 23 to 99 percent in China, 0 to 30 percent in South Korea, and 10.85 percent in Indonesia. Following the March announcement of affirmative preliminary determinations of tariffs in the concurrent Countervailing Duties investigation, this is yet one more blow to domestic printers sure to be impacted by pricing and supply dynamics of the CFS paper market. The investigation was initiated by one U.S.-based paper supplier, NewPage Corporation; the industry as a whole
Request Reconsideration for Some Mail Classes; Approve Shape-Based Pricing Board of Governors Set May 14 for New Prices WASHINGTON, DC—03/19/07—The Governors of the U.S. Postal Service (USPS) today approved an increase in the price of a First-Class stamp to 41 cents, authorized the issuance of the Forever Stamp, approved shape-based pricing, and set May 14 as the date for implementation of these changes. (See chart below.) However, they delayed implementation of new prices for periodicals and requested reconsideration for some mail classes. USPS proposed new rates on May 3, 2006, and the Postal Regulatory Commission (PRC) issued its recommendation on Feb. 26, 2007. The Governors spent considerable
WISCONSIN RAPIDS, WI—January 18, 2007 —United Steel Workers (USW Locals 2-94, 2-116, 2-187, 359 and 1306) voted yesterday to ratify a five-year labor agreement with Stora Enso. The favorable vote came after 22 months of negotiations between the union and the company which began in March of 2005. “We are pleased that our USW-represented employees have ratified a five-year labor agreement that provides employment security and competitive wages and benefits. This contract positions Stora Enso to become a much tougher competitor in a challenging business environment with the goal of helping to secure jobs in central Wisconsin,” said Bill Smith, director of employee relations.
