Latest Corporate News Releases
(Winnipeg - February 5, 2010) Canwest Global Communications Corp (“Canwest”) announced today that its subsidiary, Canwest Limited Partnership / Canwest Societe en Commandite and its general partner, Canwest (Canada) Inc, and their subsidiaries Canwest Publishing Inc /Publications Canwest Inc and Canwest Books Inc (collectively, the “LP Entities”) have entered into a senior secured super-priority debtor-in-possession (“DIP”) credit agreement pursuant to which DIP financing of up to $25 million has been made available to the LP Entities in connection with their ongoing financial restructuring. This DIP financing was arranged and approved by the Ontario Superior Court of Justice (Commercial List) in January, when the LP Entities filed for creditor protection under the Companies’ Creditors Arrangement Act. Since that time, the LP Entities and the DIP lenders have been negotiating the necessary agreements and other documents associated with the DIP financing. More information about LP Entities’ restructuring process can be found at www.canwest.com and on the Monitor’s website at http://cfcanada.fticonsulting.com/clp.
Canwest Limited Partnership Stay Period under Companies’ Creditors Arrangement Act extended(Winnipeg - February 2, 2010) Canwest Global Communications Corp (“Canwest”) announced today that the Ontario Superior Court of Justice (Commercial Division) (the “Court”) has granted the request by its subsidiary, Canwest Limited Partnership / Canwest Societe en Commandite and its general partner, Canwest (Canada) Inc, and their subsidiaries Canwest Publishing Inc. / Publications Canwest Inc. and Canwest Books Inc for an extension of the stay period granted under the Companies’ Creditors Arrangement Act to April 14, 2010. In its Initial Order obtained on January 8, 2010, the Court provided a 30 day Stay Period.
Date for creditor approval of Canwest recapitalization plan extended(Winnipeg - January 29, 2010) Canwest Global Communications Corp (“Canwest” or the “Company”) announced today it has agreed with the members of the ad hoc committee of 8% senior subordinated noteholders (the “Ad Hoc Committee”) of Canwest Media Inc (“CMI”) to extend to March 26, 2010 the date by which a recapitalization plan of the Company, CMI and certain of their subsidiaries must be approved by creditors under the terms of the Support Agreement and the Use of Cash Collateral and Consent Agreement. The previous deadline to receive creditor approval was January 30, 2010.
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