TORONTO (Reuters) - Printing and media group Quebecor Inc QBRa.TOQBRb.TO will delay filing its 2007 results because its beleaguered printing unit is unable to provide the parent company with financials, it said on Monday.
Commercial printer Quebecor World Inc IQW.TO is restructuring under creditor protection and “is not in a position to provide Quebecor with its financial statements,” Quebecor said.
Quebecor controls Quebecor World with about 84 percent of its votes and 35 percent of the equity.
The company said it didn’t know when it would be able to file its results for the year and that it would ask securities regulators to impose an order that would preclude the company’s directors and officers from trading in Quebecor’s securities.
It will provide bi-weekly status updates as long as its statements are unfiled, as required by regulators in the province of Ontario.
Quebecor shares were down 84 Canadian cents at C$26.04 on the Toronto Stock Exchange shortly after the announcement.
Reporting by Wojtek Dabrowski; Editing by Bernadette Baum