Quebecor Inc. and Quebecor Media Inc. Not Affected by Quebecor World Developments
21 1월 2008 - 11:25PM
Marketwired
MONTREAL, QUEBEC (TSX: QBR.B), Quebecor Media Inc. and its
subsidiaries are not affected in any way by the decision of
Quebecor World to seek court protection from creditors under the
Companies' Creditors Arrangement Act (CCAA). Quebecor World is an
independent company, distinct from the two other entities, and its
current situation will have no effect on the normal, continuing
operations of Quebecor Inc. and Quebecor Media Inc.
"In recent weeks, Quebecor Inc., the principal shareholder of
Quebecor World, actively tried to find a solution that would have
avoided the CCAA action. A major partner, Brookfield, had been
identified and a serious offer was made to the bank creditors of
Quebecor World. The banks rejected the conditions of this offer and
Quebecor Inc. decided that it would not be in the interest of its
shareholders to pursue further offers that could have increased
unreasonably the risks it might assume," said Pierre Karl Peladeau,
President and Chief Executive Officer of Quebecor Inc. "Quebecor
and Quebecor Media are both in excellent financial health and the
outlooks for the future of the businesses are excellent."
Quebecor Inc. formally advised Quebecor World yesterday that it
must remove "Quebecor" from its corporate name. This measure is
intended to eliminate any confusion in the public.
Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B) is a communications
company with operations in North America, Europe, Latin America and
Asia. It has two operating subsidiaries, Quebecor World Inc. and
Quebecor Media Inc. Quebecor World is one of the largest commercial
print media services companies in the world. Quebecor Media owns
operating companies in numerous media related businesses: Videotron
Ltd., the largest cable operator in Quebec and a major Internet
Service Provider and provider of telephone and business
telecommunications services; Sun Media Corporation, Canada's
largest national chain of tabloids and community newspapers; TVA
Group Inc., operator of the largest French language over the air
television network in Quebec, a number of specialty channels, and
the English language over the air station Sun TV; Canoe Inc.,
operator of a network of English and French language Internet
properties in Canada; Nurun Inc., a major interactive technologies
and communications agency with offices in Canada, the United
States, Europe and Asia; companies engaged in book publishing and
magazine publishing; and companies engaged in the production,
distribution and retailing of cultural products, namely Archambault
Group Inc., the largest chain of music stores in eastern Canada,
TVA Films, and Le SuperClub Videotron Ltd., a chain of video and
video game rental and retail stores. Quebecor Inc. has operations
in 18 countries.
Contacts: Quebecor Inc. Luc Lavoie Executive Vice President,
Corporate Affairs 514-380-1974 Mobile: 514-886-7665
lavoie.luc@quebecor.com
Quebecor (TSX:QBR.A)
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Quebecor (TSX:QBR.A)
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