There's a new media play that looks like an old media play coming to the Toronto Stock Exchange, as World Color Press - the reborn Quebecor World - prepares to begin trading again.
World Color Press emerged from credit protection in July with a $1.5-billion enterprise value and announced on Friday that its shares will start trading on the TSX on August 26, under the stock symbol "WC."
The old "IQW" stock was consigned to the dustbin earlier this year, as part of a quick but painful restructuring: Equity holders in the printing company got nothing for their shares.
In these recapitalization, creditors who swapped debt for equity tend to be sellers of shares when they get liquidity. World Colour Press debuts as a company with 90 printing facilities in eight countries, and 20,000 employees.
Andrew Willis