Quebecor World gets US approval for $750 mln loan

(In U.S. dollars unless noted)

TORONTO, Jan 24 (Reuters) - Quebecor World, the embattled commercial printer that filed for creditor protection this week, has staved off immediate financial disaster after clearing a hurdle to getting its hands on a $750 million cash infusion.

The company, which filed for protection both in Canada and the United States, said late on Wednesday that it had obtained the U.S. court approval that was needed for it to borrow the money from Credit Suisse and Morgan Stanley.

The U.S. authorization clears the way for the company to get the first part of what will total $1 billion in new financing from the two financial institutions. It obtained the approval of a Canadian court for the loan earlier in the week.

"The proceeds of the financing will be used to fund its operations as the company reorganizes under the protection of the courts," Quebecor World said.

Its battered shares revived slightly on the news, rising 8.5 Canadian cents to 20 Canadian cents on the Toronto Stock Exchange. They are still worth but a fraction of their value from last February, when they hit a year high of C$17.25 each.

($1=$1.01 Canadian) (Reporting by Wojtek Dabrowski; Editing by Peter Galloway)