Clock ticking on Quebecor financing search

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TORONTO -- Quebec media giant Quebecor said Wednesday that it has been given two weeks by its banking syndicate to find $125 million in new financing for its struggling commercial printing division.

The move follows the Montreal-based firm last month replacing the head of its commercial printing division as doubts about its financial liquidity grew.

Quebecor said that the "securitization program waivers," which will last until March 31, include the company securing a "refinancing transaction" by Jan. 31.

Quebecor added that it continues to "actively pursue financing options and solutions to its liquidity and balance sheet challenges and to explore various strategic alternatives."

The financial straits at Quebecor started when it failed to sell off its European printing operations to Dutch rival RSDB NV and earlier canceled a $750 million refinancing plan amid the current credit crunch in financial markets.

Quebecor's broadcast arm, Quebecor Media, runs Videotron Ltd., Quebec's largest cable operator; TVA Group, the province's largest French-language over-the-air network; and a range of cable channels.
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