Publishers Weekly reports on Quebecor's slow trudge through bankruptcy proceedings, in reporting a loss of $2.2 billion in 2007.
In a statement, CEO Jacques Mallette said the company has made good progress in restructuring its operations. “I am pleased with what we have accomplished so far,” Mallett said. To finance its operation during the bankruptcy proceedings, Quebecor received $1 billion of debtor-in-possession financing earlier this year, and the company said it believes it has enough cash to operate until it emerges from bankruptcy.
Quebecor has always been one of the bigger names in printing comic books. I never know whether their problems should sound some sort of alarm about the health of the comic book industry, either from the fact that financial goings could be so bad or that the potential of one less option for printing could hurt large and small publishers.