Quebecor World faces hundreds of unpaid suppliers
(In U.S. dollars unless noted)
TORONTO, Jan 21 (Reuters) - Struggling commercial printer Quebecor World Inc IQW.TO is overdue on more than $100 million in trade payables and faces "several hundred" suppliers pressing the company for payment, the court-appointed monitor overseeing its restructuring said on Monday.
Ernst & Young Inc also states in its initial report the company needs up to $548 million of financing in the first week after its creditor-protection filing so it can finance the court proceedings and support its European and Latin American operations.
Montreal-based Quebecor World said on Monday that it has obtained a creditor-protection order from the Quebec Superior Court that will last an initial 30 days but can be extended.
It has also secured financing commitments from Credit Suisse and Morgan Stanley for new financing worth $1 billion.
The company sought a shield from its creditors after a C$400 million rescue financing package put forth by parent Quebecor Inc (QBRa.TO)(QBRb.TO) and a private-equity fund managed by Brookfield Asset Management (BAMa.TO) failed to satisfy its existing lenders.
($1=$1.03 Canadian) (Reporting by Wojtek Dabrowski; Editing by Peter Galloway)
