Anyway, here's the article: [ Quebecor World plumbs new depths ]
Shares of Quebecor World plumbed new depths this morning after the beleaguered printing colossus missed a deadline to find $125-million in new financing.
The stock fell as far as 18 cents at about 11.30 a.m. EST in Toronto, and an hour later had crawled back to 24 cents, down by 23 cents from Tuesday’s finish and, hard to believe perhaps, by a whopping $16.96 from its 52-week high of $17.20.
Quebecor World has lined up a $400-million bailout package from parent Quebecor Inc. and Brookfield Asset Management’s Tricap Partners, but the deal requires the support of the printing company’s banks, which investors and analysts appear to suggest will not be forthcoming without massive changes.
UBS Securities Canada analyst Eric Mencke said in a note to clients that while the banks are now in a position to force Quebecor World to file for court protection, they may well wait until Jan. 24, the expiry date for guarantees provided to the lenders Oct. 24. Meanwhile, Mr. Mencke said he has cut his 12-month target price for the company’s shares to 50 cents from $2
This reason this is significant is because Quebecor is the printer both DC and Marvel currently use and I suspect the final outcome of this financial restructuring, if it gets resolved in Quebecor's favor, can only result in higher priced paper comics.
PCDW points: 200