The company was allowed an extra 30 days by a New York court to get the package in order earlier this month (10 March).

According to Bloomberg, U.S. Bankruptcy Judge James Peck told the court that the company needed more time to win the approval of its existing banking syndicate which is concerned that the credit facility prioritises the repayment of that debt over others. Peck described the talks as "constructive although at this point inconclusive negotiations".

Quebecor World is also seeking an order to prevent its management from trading company shares until it files its annual report.

Quebecor said it has accessed $125m of the $750m already granted as well as $225m of cash and said it expected to generate further cash flow across the year.

But the company is frantically negotiating to keep its big name client roster together. According to reports Rogers Communications has already moved its account to Transcontinental, while recent court filings revealed that The Economist has asked that it be allowed to give notice to terminate its contract which would then cease later this year.

The Canadian company entered creditor protection in January 2008. Its Corby site entered administration and eventually closed the following month with the loss of 250 jobs.