Canadian Banks Less Skeptical of Quebecor World Refinancing than their U.S. and European Counterparts
January 10th, 2008
As a Jan. 15 showdown with banks over its $2.5-billion of debt looms, North America’s second largest printer is looking for aid and comfort close to home.
Yesterday, the Royal Bank of Canada shared terms of a new loan package for the printer with other creditors, who are showing varying degrees of interest. Canadian creditors with largely healthy balance sheets and are said to be supportive, while European and U.S. banks, many of which face serious balance sheet challenges, are balking. Question: will Pierre Karl Peladeau, ceo of parent company Quebecor Inc., whose father founded the printing company, jump in with new financial support? Globe and Mail (Toronto) Streetwise Blog (Jan. 10, 2008)
Tags: printer, quebecor world