| Quebecor World unloads European business
Debt-laden commercial printing giant Quebecor World Inc. is retreating from Europe after 14 years, abandoning most of a continental empire that was largely assembled by its founder's son, Pierre-Karl Péladeau, who heads parent company Quebecor Inc. As it unveiled a third quarter loss of $315.1-million, or $2.42 a share, the Montreal company announced Wednesday that it is selling its troubled European operations for $341-million to pay down debt, although it will emerge owning nearly 30 per cent of the merged operations the deal will create. Its chief executive officer, Wes Lucas, also told analysts during a conference call that it will soon announce a "longer-term strategy" for strengthening its balance sheet, although he would provide no details, and this led to some speculation an equity issue may be in the works.
Nitro Debt Could Approach $1 Million
County Commission president wants more information Story by Sara Gavin
Email | Bio | Other Stories by Sara Gavin
Kanawha County Commission President Kent Carper suspects financial pitfalls plaguing the city of Nitro are worse than city officials are letting on. On Friday, Carper announced concerns that Nitro's total debt may be as high as $1 million. Earlier this week, Nitro officials asked the commission for a loan to help bail them out of their current financial situation. The Commission sent a letter to Nitro officials requesting more information. The two groups are set to meet about the matter Tuesday morning. Copyright 2007 West Virginia Media. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Carlisle may raise water, sewer fee
Carlisle borough residents may have to dig deeper into their pockets to pay for basic services.The 2008 budget calls for no hike in the real estate tax, but council may consider an increase in sewer and water fees to build up reserves.Council set no dollar figure but is discussing increases of as much as 20 percent on the combined monthly sewer/water bill.Council may adopt the budget at its Dec. 13 meeting.Council agreed Wednesday to advertise a proposed $12.67 million general fund spending plan that would hold the line on property tax at 2.81 mils. .
Corzine willing to lose job to enact toll roads proposal
Gov. Jon S. Corzine hopes his plan to wring billions of dollars out of the state's toll roads will cut the state's debt by at least half, and he's so set on the proposal he says he's willing to risk his job for it, the governor said Thursday. But Corzine refused to discuss how much the proposal could cost motorists in toll increases, saying he is still awaiting crucial information from the federal government before he knows the final financial details. In a speech to hundreds of municipal officials gathered for the annual New Jersey State League of Municipalities conference, Corzine said addressing the state's financial problems would be among the most important things he does as governor. "It's time for we elected officials to stop being afraid and cautious and do something bold to right the ship," Corzine said.
|
