Quebecor Watch

"I won't argue with you if you print that, but I'm not saying that. I'm saying all alternatives will be studied."

This from Quebecor spokesman Luc Lavoie regarding sale of the Quebecor World unit.

The Financial Post's article here spells out the coming challenges for 2008.

1. Its preferred shares come due the first quarter, resulting in a $175 Million charge, or conversion to equity by issue of 83 Million shares
2. Reduction of its credit facility by 250 Million in July.
3. $200 Million in senior notes come due in November 2008.

Quebecor World is not having a happy end to the year. The market rejection of a bond and stock issue to remedy the 2008 obligations has resulted in a massive sell off, with market capitalization of only $212 Million down from 3 Billion five years ago. That'll be a tough one to spin in this year's annual report.