Quebecor delaying '07 financial results
EmptyTORONTO -- Quebec media giant Quebecor said Monday that it will delay the release of its year-end 2007 financial results until it can finalize the financial results of its troubled printing division.
Montreal-based Quebecor -- whose separate media holdings includes Groupe Videotron, the Quebec cable giant, and TVA Group, the private Quebec TV network -- said its troubled printing division Quebecor World failed to meet its filing deadline for the year ended Dec. 31.
"The release of Quebecor's consolidated financial results is dependent on the production by Quebecor World of its own financial results for the year ended Dec. 31," Quebecor said in a statement.
Quebecor secured bankruptcy protection for its printing division in January and has so far failed to finalize a rescue package for Quebecor World (HR 1/22).
The Quebec media and printing giant said Canadian securities regulatory authorities may issue cease-trade orders against all of Quebecor's securities if it does not file financial results for parent Quebecor and Quebecor World by May 31.
Quebecor has maintained that its cable and broadcast division Quebecor Media will be unaffected by the decision of Quebecor World to go to court for creditor protection.