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The Saga of Canwest

October 7, 2009

Canwest announced that it is filing for creditor protection in an arrangement with key lenders. According to their press release dated October 6, “the Company, Canwest Media Inc, Canwest Television Limited Partnership (including Global Television, MovieTime, DejaView and Fox Sports World), The National Post Company and certain subsidiaries (the “CMI Entities”), have voluntarily entered into, and successfully obtained an Order from the Ontario Superior Court of Justice (Commercial Division) commencing proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). 

This means that the company, billions of dollars in debt, is seeking bankruptcy protection and its television and newspaper assets will be sold to satisfy the needs of its lenders. The court ordered restructuring of the company should take 4-6 months. Canwest owns 11 daily newspapers across the country and Global Television, and there is much speculation as to what other media firms might want to purchase these companies. 

A graph of their holdings and operations is here at the Financial Post.

Gordon Pitts at the Globe and Mail has an overview of the Asper family dynasty, the owners of Canwest, at Izzy’s Vision, Leonard’s Woes.  

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