MONTREAL – Quebecor Inc. has announced that it will continue to delay the release of its consolidated financial statements for the year ended December 31, 2007.
The delay in releasing its financial results is a result of the failure of its insolvent printing subsidiary Quebecor World Inc. to produce its own results. The print unit, also based in Montreal, has been under court-ordered bankruptcy protection since January.
Quebecor Inc., which owns a majority stake in the Quebecor Media business and is controlling shareholder of Quebecor World, warned in February that it could post losses of up to $779 million resulting from the difficulties of the printing subsidiary.
Quebecor says it doesn’t know when it will be able to file its consolidated financial statements and related documents for the year ended Dec. 31, 2007 and has postponed its annual general meeting, scheduled for May 8.
