Creditors Seek to Sue Quebecor World
MONTREAL–Some creditors of bankruptcy-protected Quebecor World have asked the court for permission to file suit against the printer, seeking $376 million they claim was paid to 14 private lenders prior to bankruptcy to buy back its debt. According to a Bloomberg report, creditors contended Quebecor World paid the amount to Barclays Bank, Deutsche Bank and other parties that redeemed notes for the firm on October 29, 2007, less than 90 days before the bankruptcy filing.
Creditors said payments were made on account of antecedent debt owed by Quebecor World in private notes and exceeded what the parties would have received under a liquidation. Creditors expect recoveries would outweigh litigation costs.