QuebecorWorld Inc. posted a net loss of $190 million for the first quarter, compared to a net loss of $38.1 million in the prior year.
The printing giant reported revenue of $1.3 billion for the quarter ended March 31, a decrease from revenue of $1.4 billion last year.
Last month, the Montreal firm received final approval for $1 billion debtor-in-possession financing. The order was approved by Judge James Peck of the Southern District of New York (Direct Newsline, April 2).
This financing is comprised of a term loan of $600 million and a revolving loan facility of $400 million. The printer also has unrestricted cash on hand of $110 million and undrawn availability under the $400 million revolving credit line, giving it liquidity of approximately $500 million.
In addition, the company has exceeded, by approximately $160 million, its cash flow projections.
In January, Quebecor was granted protection from its creditors under the Companies’ Creditors Arrangement Act. Several of the firm
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