By: E&P Staff Hollinger International Inc., the publisher of the Chicago Sun-Times and other Chicago-area and Canadian community papers, acknowledged that it will miss the Thursday deadline to file its 2003 annual report with the Securities and Exchange Commission (SEC) -- and that it may be delisted by the New York Stock Exchange (NYSE) as a result.
"The NYSE had advised the company that the (10-K) report needed to be filed by Dec. 30, 2004, in accordance with NYSE practices with respect to late annual report filers," Chicago-based Hollinger International said in a statement. "The NYSE may, in its discretion, grant the Company up to an additional three months to file its 2003 Annual Report, which the Company has requested ... If the extension is denied, the NYSE will commence suspension and delisting procedures by a notice to the company."
Hollinger said it expects to file a report with the SEC "no later than mid-January 2005." As reported, the company last week backed off statements made earlier in the month that it would file the annual report by Dec. 31.
Hollinger said it expects to become current on its quarterly reports for 2004 "within approximately two months" following the filing of the annual report.
Hollinger has explained the long delay in filing its financial statements on a need to review the 513-page report of an internal investigation that alleged former Chairman Conrad Black and other key executives "looted" the newspaper company of some $400 million through improper payments, fees, and insider deals over a seven-year period.
The company said it would appeal any decision to delist it.
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