Jan 25, 2008
Canada's largest printing union seeks meeting with Quebecor World
“Although there may be problems in some markets, overall this appears to be a banking crisis, rather than a business crisis”
- Canada's largest printing union, CEP Graphical, is asking for a meeting with Quebecor World executives (TSX:IQW) to discuss the financial crisis that forced the huge commercial printer to seek creditor protection this week.
Late Wednesday, Quebecor World received an American court order providing protection under Chapter 11 of the U.S. bankruptcy code. That enables the company to borrow up to $750 million immediately from Credit Suisse and Morgan Stanley to help fund operations while Quebecor World restructures. Read more
Comments
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As usual,the union shows up when it is too late,just like Vancouver!
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Wes Lucas was hired as a saviour and CEO to come in and fix things at ailing Quebecor (but, but, why? how?).
Particularly it seems that no verification of qualifications for the job at hand took place. Lucas had been asked to resign in no uncertain way after a brief time as CEO of Sun Chemical, which was his only other job in a somewhat related industry and that did not appear to deter Quebecor or maybe they were in such rush that they did not bother to check it too carefully. This affects a lot of people and a lot of jobs and the stock price and retirement plans of many people, little people, middle class people. The guys at the top make out like bandits usually and have no shame. But there is a forum of opinions on this subject at: http://www.topix.net/forum/com/iqw/TF5T39P9IR... http://www.topix.net/forum/com/iqw/TF5T39P9IR... |
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