While Quebecor World Inc. is filing for creditor protection today, the company’s day-to-day printing operations won’t be affected in the short-term. An official at Rogers Publishing Inc., one of Quebecor World’s largest printing customers, told MastheadOnline, “It’s business as usual.”
In his “BoSacks Speaks Out” e-mail newsletter, magazine guru Bob Sacks writes, “Friends, as upsetting as this news may at first appear, it is not a reason to panic. The presses are running, the paper is rolling and ink is being placed within tolerances of 1/1000th of an inch, as per usual with a rhythm and a predictable schedule…If your titles were to ship this week, I would expect them to do so. If your titles were scheduled to ship next week, the same holds true.”
If the Quebec Superior Court grants Quebecor World bankruptcy protection, the printing company will likely be given a deadline to propose a re-structuring plan to creditors. The company announced today that it has secured $1 billion in financing from the Credit Suisse and Morgan Stanley banks.
Meanwhile, parent company Quebecor Inc. has formally advised Quebecor World that it must remove the word “Quebecor” from its corporate name. “This measure is intended to eliminate any confusion in the public,” a company press release states.
"Quebecor and Quebecor Media are both in excellent financial health and the outlooks for the future of the businesses are excellent," Pierre Karl Peladeau, president and chief executive officer of Quebecor Inc. said in the release.
Quebecor Media owns TVA Publications Inc., the largest publisher of consumer magazines in Quebec with over 60 titles.