Commercial printer Quebecor World announced Monday that its its British subsidiary will be placed under the administration of Ernst & Young LLP, who will consider selling the business. Quebecor had attempted a turnaround at the money-losing operation, but now believes that printing overcapacity in the UK and current market conditions won’t allow for a return [...]
The Toronto Stock Exchange has granted the printing company a 30-day period in which to return to compliance with listing requirements. Reuters (Jan. 17, 2008)
The financially-troubled printing company missed a bank deadline to raise USD $125 million in new financing, sending shares down almost 50% to 23 cents today. Parent company Quebecor Inc. and Tricap Partners Ltd. have proposed exteding a CAN $400 million financial lifeline to the printing company, but it is subject to the approval of Quebecor [...]
The price of the commercial printer’s bonds soared on news of the deal, which is being led by the Royal Bank of Canada. U.S. printer R.R. Donnelley & Sons Co. is thought to be the most likely potential bidder for Quebecor World assets if the company, or some of its assets, is to be sold as [...]
As a Jan. 15 showdown with banks over its $2.5-billion of debt looms, North America’s second largest printer is looking for aid and comfort close to home.
Yesterday, the Royal Bank of Canada shared terms of a new loan package for the printer with other creditors, who are showing varying degrees of interest. Canadian creditors with largely healthy [...]
The Montreal-based commercial printer had announced plans in November to sell its European assets to Dutch company RSDB NV for USD $341 million, but that company’s stockholders voted against the acquisition. Qeubecor World operates 18 printing plants, employing some 4,000 people, in seven European countries. The company will continue to search for ways [...]
The operator of 135 printing facilities — employing some 29,000 people — in North America, Europe and Latin America is suffering through a liquidity crisis, leading to speculation that its parent firm, Quebecor Inc., might consider selling., although Quebecor Inc. officials have ruled out a sale or merger for the immediate future. Toronto Star The Globe and Mail (Nov. [...]
The Montreal-based printer, which topped the NYSE’s list of biggest price decliners last Friday, withdrew its refinancing plan today, citing adverse market conditions, and announced its intention to retain independent financial advisors to assist in evaluating financial alternatives. Toronto Globe & Mail The Wall Street Journal Subscription required. (Nov. 20, 2007)