Quebecor World announces plans to file for bankruptcy

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Montreal—Quebecor World Inc., one of the largest printing companies in the world, Monday announced that its board of directors has authorized the company to file for bankruptcy protection in Canada. The company also announced that it has entered into financing commitments with investment banks Credit Suisse and Morgan Stanley for $1 billion (U.S.) in new financing. The financing, which is subject to approval of courts in both Canada and the U.S., will allow Quebecor to meet all current operating needs, including wages, benefits and other operating expenses. Jacques Mallette, Quebecor World's president-CEO, said in a news release: "Today's filing is the result of industry pressures, particularly in Europe, combined with the inability of the company to raise new capital in the current market environment and the inability to complete the sale of its European operations."
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