Quebecor World, which prints a high percentage of U.S. comics, has filed for bankruptcy protection in Canada and the U.S.  It has $1 billion in debtor in possession financing from Credit Suisse and Morgan Stanley. 

According to the announcement, the DIP financing will allow it to  continue its operations. 

Quebecor CEO Jacques Mallette attributed the company's problems primarily to its European operations.  '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,' he said. 

Quebecor had missed an extended deadline for arranging new financing; it was apparently unable to resolve a dispute between its current bank group and new lenders that had pledged to inject $400 million into the company (see 'Quebecor Misses Extended Deadline').