MONTREAL—Quebecor World has reached a deal with creditors on terms of a restructuring plan that will see the company emerge from creditor protection in the middle of July.

Quebecor World also said it anticipates having to arrange exit financing at levels that are below the current debtor-in-possession financing facility.

The company has been in bankruptcy protection since January 2008, and has implemented a variety of cost-cutting measures, including reducing its workforce by 12%, and slashing selling and administrative expenses.