PrefBlog

The Toronto Stock Exchange has announced it:

is reviewing the securities of Quebecor World Inc. (Symbols: IQW; IQW.PR.C; IQW.PR.D) with respect to meeting the requirements for continued listing. The Company has been granted 30-days in which to regain compliance with these requirements, pursuant to the Remedial Review Process.

In the impressive tradition of the TSX, they can’t be bothered to tell retail scum just which requirements have been violated.

Meanwhile, Quebecor World has announced:

announced today that it has extended the deadline for the satisfaction of certain conditions precedent to the previously announced CDN$400 million rescue financing agreement with Quebecor Inc. and Tricap Partners Ltd. Quebecor Inc. and Tricap Partners Ltd. have indicated that they have made progress on the satisfaction of these conditions and have requested additional time to attempt to satisfy them. The deadline for these conditions has been moved from 9:00 p.m. on January 16, 2008 to 9:00 a.m. on January 20, 2008.

So there’s a staring contest for you! This follows apparent capitulation by the SVS holders:

Quebecor World Inc. shares crashed by 62% yesterday after the printer passed a key deadline set by its lenders without producing the new financial injection they had demanded. The stock ended at 18.5¢, down from a year-high of $17.25, as 31-million subordinate shares — 36% of the float — changed hands. The firm’s two series of preferred shares fell steeply, trading for less than one-tenth their $25 face value, and its bonds sold for 55¢ to 65¢ on the dollar.

The last installment on the continuing Great Quebecor World Saga of 2008 was published here yesterday.

This entry was posted on Wednesday, January 16th, 2008 at 10:23 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.