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| Canwest Successfully Obtains Court Order for Creditor Protection |
| Posted
on Tuesday, October 06, 2009 - 04:42 PM |
Canwest Global Communications Corp (“Canwest” or the “Company”) announced that further to its news release issued earlier today, 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”).
The CMI Entities’ commencement of these proceedings was undertaken in furtherance of a proposed recapitalization transaction that is supported by over 70% of holders of the 8% senior subordinated notes issued by CMI (the “Recapitalization Transaction”).
The CMI Entities’ operations will continue uninterrupted during the recapitalization process and obligations to employees and suppliers of goods and services provided after the filing date will continue to be met after the filing date. Canwest management remains responsible for the day-to-day operations of the CMI Entities. The Company also announced that it has secured debtor-in-possession (“DIP”) financing of up to $100 million. The additional liquidity provided by the proceeds from the sale of TEN Network Holdings Limited’s shares, combined with the Company’s operating revenue and the DIP financing are intended to provide sufficient liquidity to meet ongoing obligations and ensure that normal operations continue without interruption while the Recapitalization Transaction is implemented.
“Throughout this process, all our operations will continue uninterrupted,’’ Canwest President and CEO Leonard Asper said. “We are firmly committed to moving quickly to restructure the company and emerge from creditor protection financially stronger and more competitive.”
As a term of the Initial Order, FTI Consulting Canada Inc., will serve as the Court-appointed Monitor in the CCAA proceedings to oversee the operations of the CMI Entities and report to the Court during the recapitalization. The Monitor will also assist the Company in implementing its restructuring plan.
A special committee of the Canwest Board of Directors will oversee this process and it has retained Mr. Hap S. Stephen as a Chief Restructuring Advisor to lead and manage the restructuring process. Regular operations will continue to be managed by existing management.
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