Toronto Exchange May Delist Troubled Quebecor
The Toronto Stock Exchange may delist Quebecor World Inc. due to a lack of compliance with exchange requirements. The Toronto Exchange has given the company 30 days to come back into compliance.
While the Toronto Exchange did not indicate which requirements the Montreal-based printer had violated, Quebecor’s stock has traded for under a dollar a share during the past week. Quebecor was delisted from the New York Stock Exchange earlier this month: The NYSE requires shares to maintain a $1.05 minimum value.
That’s not the only headache the Montreal-based printer faces. The company has been in the process of negotiating a $400 million capital infusion from its parent company, Quebecor Inc., and Brookfield Asset Management, a private equity firm. But if banks to which Quebecor owes money push for debtor-in-possession refinancing, the printer could file for protection from its creditors.
The negotiations between Brookfield Asset Management, Quebecor Inc. and Quebecor World were set to end at 9:00 p.m. on Jan. 16, but late Wednesday night the deadline was extended to 9:00 p.m. Jan. 20.
