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The Globe and Mail

Quebecor World lands restructuring expert

Ever noticed that the same few executives seem to turn up in every high profile restructuring? Quebecor World tapped into a talent pool of folks experienced in dealing with anxious employees, angry banks and nervous suppliers by appoint Randy Benson on Tuesday as its chief restructuring officer. The next big bankruptcy is obviously going to Hap Stephen. Mr. Benson is parachuting into North America's second largest printer, which is under creditor protection, after most recently cleaning up the mess Conrad Black left behind by serving as chief restructuring officer (or CRO)  at Hollinger. He was also CRO of steel maker Ivaco, and chief financial officer at Call-Net Enterprises and Beatrice Foods. Quebecor World was refinanced earlier this year with a $1-billion debtor-in-possession credit facility provided by Morgan Stanley and Credit Suisse. Those interested in careers as undertakers to the corporate world should know that CROs average a base monthly salary of $25,000 to $200,000. On top of these fees, CROs get paid in company shares -- which can be worth up to 80 per cent of their compensation. In cases were companies come back from the brink - think Stelco - that equity can be worth a fortune.

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