Quebecor World, a Canadian-based printing company with a plant in Franklin, filed for Chapter 11 bankruptcy reorganization today after a unanimous decision by its board of directors.

According to the Franklin-Simpson Industrial Authority, the company established operations at 300 Brown Road in Franklin in 1979 and has 500 employees at its 128-acre facility that “serves the high quality gravure catalog and retail insert markets,” according to the authority’s Web site.

Tony Ross, vice president of communications for the company, said new financing for the company, namely a $1 billion boost from Credit Suisse and Morgan Stanley, will help meet all current operating needs, including wages, benefits and other operating expenses.

“There’s no direct impact on the Franklin facility. This is a filing under Canadian and U.S. law for creditor protection,” Ross said. “It’s business as usual. We’re paying all of our employees and serving all our customers worldwide.”

The company also has operations in Lexington and Versailles.

In a release posted on the company’s Web site today, Quebecor World’s President and CEO Jacques Mallette said the filing allows for the company to make necessary changes to ensure its long-term viability.

“Today’s filing is the result of industry pressures, particularly in Europe, combined with the inability of the company to raise new capital in the current market environment and the inability to complete the sale of its European operations,” Mallette said.

The filing is set to be heard by the Quebec Superior Court in Canada today and the filing under Chapter 11 of the U.S. Bankruptcy Code will be made in the Southern Judicial District of New York, according to the company.

Quebecor World has 28,000 employees and more than 115 printing and related facilities across the world.

— For more information, visit www.quebecorworldinc.com.