Quebecor shares will be suspended
Peace Arch financial results delayed by accounting probeTORONTO -- The woes for Canada's film and TV industry just keep coming.
Quebec cable and broadcaster group Quebecor Media said Wednesday that shares in its publishing division on the Toronto Stock Exchange will be suspended Friday.
The move comes as the Quebecor World unit prepares to emerge from bankruptcy proceedings.
And in another sign of problems roiling the industry here, domestic producer Peace Arch Entertainment warned it will not release its second-quarter financial results on time as it continues an internal accounting probe into its fiscal 2006 and fiscal 2007 financial statements.
Peace Arch earlier delayed the release of its first-quarter results to Nov. 30 as it works to fix accounting mistakes in 2006 and 2007 that stem from sub-distribution agreements on 13 movie titles.
Meanwhile, Vancouver-based Insight Film Studios has abandoned its film studio model to cut overheads during the economic downturn. The downsizing will see the company's 100-strong work force cut to 20 full-time employees, with the rest retained as contractual workers on a project-by-project basis.
Projects at Insight include the Dolph Lundgren starrer "Icarus" and the TV docu series "Keeping It Real."