(Winnipeg - June 16, 2010) Canwest Global Communications Corp. (“Canwest” or the “Company”) announced today that it, Canwest Media Inc. (“CMI”) and certain of CMI’s subsidiaries (collectively, the “CMI Entities”) are seeking an order of the Ontario Superior Court of Justice (Commercial List) (the “Court”) to call meetings of creditors to be held on July 19, 2010.
The purpose of the meetings is to consider and vote on a consolidated plan of compromise and arrangement (the “Plan”) pertaining to the CMI Entities pursuant to the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). The Plan provides for a recapitalization transaction involving the CMI Entities, as contemplated by the previously announced agreements with Shaw and members of the ad hoc committee of holders of CMI’s 8% senior subordinated notes.
The CMI Entities have served and filed with the Court copies of the Plan and materials relating to the meetings of creditors. The Court hearing to consider the CMI Entities’ motion seeking an order to call the meetings is scheduled for June 22, 2010.
Today’s announcement relates only to Canwest’s conventional and specialty television broadcasting businesses. Canwest (Canada) Inc., Canwest Limited Partnership and their affiliates (the “LP Entities”), which operate the Company’s newspaper and online-publishing businesses, are the subject of a separate CCAA restructuring process. The CMI Entities do not expect to receive any distribution in connection with the CCAA restructuring of the LP Entities.
More information about the restructuring of the CMI Entities can be found on the Company’s website at www.canwest.com and on the Monitor’s website at http://cfcanada.fticonsulting.com/cmi.
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 our business and the markets in which the Company operate, 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 the Company’s 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 our 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 month 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.
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
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