OTTAWA, Jan. 25 /CNW Telbec/ - CEP, Canada's largest printing union, is
seeking a summit meeting with Quebecor World executives to discuss the
company's financial crisis which forced the company to seek creditor
protection earlier this week.
"The current financial crisis at Quebecor World is a major concern to all
Quebecor World employees, including CEP members and their families, " says
Duncan Brown, National Director of CEP Graphical.
"The CEP and our members are committed to the continuing viability of the
company; but the lack of communication and information has been a problem,
thus we are seeking to meet with company executives to discuss the current
situation, its implications and the solutions."
"The CEP also supports the call by global union UNI Graphical for a
meeting with Quebecor World at the international level as well as the
initiative of the European unions to convene a meeting with the company,
through the European Works Council."
Commenting on Quebecor World's financial crisis, CEP National President
Dave Coles said "Although there may be problems in some markets, overall this
appears to be a banking crisis, rather than a business crisis."
"Although CEP is concerned that the company's recent refinancing
negotiations collapsed, we view the injection of $1 billion dollars in new
financing through Credit Suisse and Morgan Stanley with optimism and we are
hopeful for the future of Quebecor World."
CEP, the Communications, Energy and Paperworkers Union of Canada,
represents 150,000 Canadian workers in several key parts of the economy,
including more than 25,000 newspaper, broadcast, film and printing industry
For further information:
For further information: Duncan Brown, (416) 605-4665