Quebecor World Seeks Protection

The company received a much-needed boost when it secured $1 billion in new financing from Credit Suisse and Morgan Stanley. Court approval was quickly received from both countries, and the funds will enable Quebecor World to address its operating needs such as wages, benefits and other expenses.

In a statement, Quebecor World President and CEO Jacques Mallette said the filing was a result of industry pressures, particularly in Europe, along with the company’s inability to raise new capital in the current market environment and its failure to complete the sale of its European operations.