Latest News

Quebecor World calls for bankruptcy protection

Wednesday, 23 January 2008
By Print 21 Online Article

The world’s second-largest commercial printer, Quebecor World, suffers a major blow as it files for bankruptcy protection in Canada and the United States.

The call came after Quebecor World’s banks were unable to provide a rescue plan of $C400 million ($446 million). The company has announced that it is entering into financing commitments with Credit Suisse and Morgan Stanley for financing of US$1 billion, pending court approval.

"These steps allow the company to continue operating as a going concern for the benefit of all those affect, including our many loyal employees, customers and suppliers," said Jacques Mallette, Quebecor World’s president and ceo in a public statement.

"We believe that the steps we are taking today and the strong vote of confidence given to us by our new finance lenders will ensure that we will be able to protect the value of the business for our stakeholders."

Tony Ross, a spokesperson for Quebecor World said that the company was confident of receiving approval from the courts. "It’s business as usual," he told media.

Comment on this article

To receive notification of comments made to this article, you can also provide your email address below.