Quebecor World Continues to Flounder
MONTREAL—With its stock valued below 50 cents per share and banking lenders breathing down its neck, Quebecor World is teetering on the brink of bankruptcy as it fights to strengthen one patch in its leaking dike.
The embattled printer has been given until 9 a.m. on January 20 to iron out conditions of the C$400 million rescue financing agreement reached with parent company Quebecor Inc. and Tricap Partners. The deadline had been set to expire January 16.
In a release, the company said it “continues to work with Quebecor Inc. and Tricap Partners Ltd. on the rescue financing plan and believes that satisfaction of the conditions of such initiative would be in the best interests of the company and all its stakeholders.” However, it also warned, “There is no assurance all the consents and approvals to the completion of the rescue financing initiative will be received on a timely basis.”