Quebecor World, Inc. Files For Bankruptcy Protection In US and Canada

I've been avoiding writing about Quebecor World Inc.'s financial woes, because 1) most analysts seemed to believe that the operations which include printing a huge number of traditional-format comic books was likely to be protected no matter what happened on the financial end, and 2) there was something I didn't trust about the surge in journalistic coverage for what seemed more like an ongoing story that had been around for a while.

However it's hard to deny that the company filing Monday for bankruptcy protection in Canada (under the Companies' Creditors Arrangement Act) and the US (Chapter 11) isn't a major issue. Bryan Munn has a succinct write-up with plenty of links on the subject, including both a dissection of the company's problems and last week's financial maneuvering which shuddered and collapsed leading to Monday's move. The company concurrently received a $1 billion line of credit to cover its current shortcomings.

Employing more than 28,000 people, Quebecor World, Inc. is one of North America's largest printing companies and one of Quebec's major corporate entities. One article notes that parent Quebecor, Inc. has asked that Quebecor World remove "Quebecor" from its company name, one guesses so as not to have a deleterious effect on its own fortunes -- a potent symbol of how bad things have become for the embattled company.
 
posted 7:00 am PST | Permalink
 

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