CORRECTED-Quebecor World fails to obtain new financing

Wed Jan 16, 2008 10:57am EST
 
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(CORRECTS day in second paragraph to "Tuesday" from "Monday")

MONTREAL, Jan 15 (Reuters) - Quebecor World Inc (IQW.TO) said on Tuesday it failed to obtain $125 million of new financing required under waivers from its banking syndicate and missed a debt payment on $400 million of notes.

The struggling commercial printer, which is working on getting bank approval for C$400 million of rescue financing from its parent, media group Quebecor Inc (QBRa.TO), and a private equity fund managed by Brookfield Asset Management (BAMa.TO), said it did not make the $19.5 million payment of interest due that was due on Tuesday on its $400 million 9.75 percent Senior Notes due 2015.

The company said the failure to obtain the $125 million of new financing or make the interest payment on the notes do not result in an immediate default on its debt.

($1=$1.01 Canadian)

(Reporting by Robert Melnbardis; Editing by Renato Andrade)

 

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