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Last-Minute Loan Helps Quebecor Pay Bills

MANHATTAN (CN) - Quebecor World (USA) and affiliates, commercial printers, have filed for bankruptcy, listing more than $2.7 billion in unsecured debts. Quebecor on Wednesday got $750 million in loans just minutes before creditors' 5 p.m. deadline.

Quebecor, which publishes Time and Cosmopolitan magazines, says it will fulfill its printing contracts while it reorganizes under U.S. and Canadian law. Its debt problems have been complicated by the worldwide credit crisis.

Its major creditors, as listed in Bankruptcy Court, include $735 million to the Royal Bank of Canada, and $1.45 billion to Wilmington Trust Co.

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