16 April 2009
Quebecor World trading suspended, wage cuts announced
TORONTO—The TSX will suspend trading of Quebecor World shares by close of day tomorrow, the print firm announced yesterday. The suspension applies to all outstanding classes and series of securities.

This comes in response to the announcement by Quebecor World that it is unlikely that its existing equity shares will have any value following the planned re-organization of the company.  The suspension will remain in place until the reorganization plan is complete.

In other Quebecor World news, the company has confirmed to PrintCan that it met with its employees in North America earlier this week and implemented a 10% wage cut for all non-union employees and suspended one week of vacation. In the U.S., the company is also suspending 401A contributions. The 401A is comparable to a group RRSP in Canada. No changes were made to Canadian pension plans.

Quebecor World has also opened talks with its union employees and is asking for similar cuts.

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Brian Friar says:
Sad to hear. I worked at Adventure as a second job for a number of years when I first emigrated to ...
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