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US court greenlights Quebecor's creditor plan
A US court has approved Quebecor World's plans to draw up to £509m ($1bn) from a credit facility set up by Credit Suisse and Morgan Stanley to tide the company over as it enters bankruptcy protection.
The loan has already been approved by the Quebec Superior Court, where Quebecor World is similarly seeking creditor protection.
An initial sum of £382m will be immediately withdrawn so the company can pay wages and keep the business running as a going concern.
Quebecor World filed for creditor protection 21 January.
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Comments
Simon Biltcliffe- Webmart - 24 January 2008
Must be a great relief for all employees, but unless it's sorted soon the clients will drift away & then it's curtains... irrespective of what the banks say.
Simon Biltcliffe
MD
www.FreePrintManagement.com
free...you can't beat it- so join it!
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