But contrary to the run on shares, a report in Canada's Globe and Mail suggested the company was indeed on the verge of signing such a deal, involving Royal Bank of Canada (RBC) and Toronto-Dominion Bank, according to sources.

The shares closed at 46p, giving the company a market value of £63m, up from an intra-day and all-time low of 37.7p.

According to Globe and Mail's sources, Quebecor president and chief executive Pierre Karl Peladeau holds some sway over RBC and could sweeten any deal with the promise of large sums on the back of a wireless phone service launch next year by its Vidéotron Ltée telco division.

Quebecor World was given a New Year's Eve present in the form of a lifeline from creditors, which promised to waive financial covenants for its fourth quarter on condition it came up with £63m by 15 January.

The company is also obliged to prune its credit facility to £253m by the end of February and to repay its debts in full by the end of June, terminating its North American securitisation program.

Analysts currently rate Quebecor World's chances of pulling off the entire repayment plan as slim, and other firms, such as RR Donnelley, are rumoured to be circling, ready to pick apart the company should the project fail.

Read more on Quebecor World's troubles in PrintWeek's Analysis.