Quebecor World, which prints a high percentage of
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
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').