Quebecor filing for bankruptcy protection
News Staff Report
Updated: 01/21/08 9:58 AM
From the Buffalo News http://www.buffalonews.com/258/story/257226.html#


Quebecor World, the giant Canadian printing company with a plant in Depew, is filing for bankruptcy protection today.

The board of directors voted unanimously to authorize the filing "as the best alternative for the long-term interests of the company, its employees, customers, creditors and other stakeholders. Operations outside of North America are not included in these filings," the company said in a release.

The company also said it has secured $1 billion (U.S.) in financing from Credit Suisse and Morgan Stanley. The financing, subject to approval of courts in Canada and the U.S., will allow the company to meet all current operating needs, including wages, benefits and other operating expenses, the company said.

In a release, President and CEO Jacques Mallette, said: "These steps allow the company to continue operating as a going concern for the benefit of all those affected including our many loyal employees, customers and suppliers."

The plant in Depew employs 850 and prints about 140 million Harlequin novels a year.

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Since the 1970's Depew has been hit with bad economic news, especially when Gould - Dresser Industries shut their doors.

This article seems like the same old company closing, job loss, bad luck story that Depew has learned to live with.

However, is it? Filing for Bankruptcy protection isn't the end of the line for some businesses. Some businesses that apply for this protection manage to emerge as strong, if not stronger than ever.

Does anyone know the inside scoop on Quebecor?

If anyone works at Quebecor, what is the company telling you?