Business

Troubled Quebecor World Inc could file for bankruptcy protection today following meetings with its creditors over the weekend.

A deadline set by its creditors for Quebecor World to produce a satisfactory refinancing package to bring the company's debt levels back within the terms of its financing agreement passed on Sunday morning with no word from the company.

While it is not unusual that a company would delay publication of a weekend meeting until markets opened on Monday, Canadian newspaper The National Post has reported that the company did not reach an agreement with its lenders.

The consortium of banks rejected a £200m (CA$400m) refinancing package offered by Quebecor Inc and Tricap Partners last week as they felt that it did not guarantee the future sustainability of the company and would have seen the debt of the new investors prioritised over theirs in the event of the company's collapse.

Speaking following a meeting in Nyon, Switzerland, with officials and lay reps from Quebecor World's factories in Europe, Tony Burke, assistant secretary general at Unite, has bemoaned the lack of leadership within the company's European division.

He said: "We are committed to the future financial viability of Quebecor World and are seeking an urgent meeting with senior figures and an EGM of Quebecor World's European Work's Council."

Standard & Poor's has dropped the companys' credit rating from triple C to D.