Financial Woes Rock Quebecor’s World —Michelson

The saga continues: At press time, Quebecor World reached a new accord with its lenders mandating that it obtain $125 million in new financing by January 15 and consumate a new transaction by month’s end that would reduce its current credit facility to $500 million by February 29. Any accord reached must also allow for the full repayment of its borrowing facility, as well as terminate its North American securitization program, both by June 30.