(Winnipeg - May 17, 2010) Canwest Global Communications Corp. (“Canwest” or the “Company”) announced today that the Ontario Superior Court of Justice (Commercial List) has granted an order authorizing Canwest Limited Partnership / Canwest Societe en Commandite (the “Limited Partnership”)and certain of its subsidiaries (collectively, the “LP Entities”) to call and convene a meeting of its unsecured creditors on June 10, 2010.
The purpose of the meeting is to consider and vote on a plan of compromise or arrangement consistent with the terms of the bid made by members of an ad hoc committee (the “AHC”) of holders of 9.25% senior subordinated notes issued by the Limited Partnership to acquire the assets of the LP Entities.
As previously disclosed, the AHC bid will provide unsecured creditors with cash, or shares on a pro rata basis for up to 45% of the equity in the new company ("Newco") established to acquire substantially all of the LP Entities' assets. Specifically, unsecured trade creditors with proven claims of less than $1,000 will receive a cash payment for the full value of their claim and unsecured trade creditors with proven claims of $1,000 or more can elect to receive shares in Newco on a pro rata basis or $1,000 in cash.
More information about the LP Entities’ restructuring process can be found at www.canwest.com and on the Monitor’s website at http://cfcanada.fticonsulting.com/clp
Forward Looking Statements:
This news release contains certain forward-looking statements about the objectives, strategies, financial conditions, results of operations and businesses of Canwest. Statements that are not historical facts are forward-looking and are subject to important risks, uncertainties and assumptions. These statements are based on the Company’s current expectations about its business and the markets in which it operates, and upon various estimates and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events if known or unknown risks, trends or uncertainties affect the Company’s business, or if its estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that the circumstances described in any forward-looking statement will materialize. Significant and reasonably foreseeable factors that could cause the Company’s results to differ materially from its current expectations are discussed in the section entitled "Risk Factors" contained in the Company’s Annual Information Form for the year ended August 31, 2009 dated November 26, 2009 filed by Canwest Global Communications Corp. with the Canadian securities commissions (available on SEDAR at www.sedar.com ), as updated in its most recent Management's Discussion and Analysis for the three and six months ended February 28, 2010. The Company disclaims any intention or obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
About Canwest Global Communications Corp.
Canwest Global Communications Corp. (www.canwest.com, (TSX-V: CGS and CGS.A) is Canada’s largest media company. In addition to owning the Global Television Network, operating 18 industry-leading specialty channels and having ownership in 5 specialty channels, Canwest is Canada’s largest publisher of English language paid daily newspapers and owns and operates more than 80 online properties.
-30-
For further information:
Media Contact:
John Douglas, Senior Vice President, Public Affairs
Tel: (204) 953-7737
jdouglas@canwest.com
Investor Contact:
Hugh Harley, Director, Investor Relations
Tel: (204) 953-7731
hharley@canwest.com
|
