Category Corporate  Date 7/19/2010
Affected creditors approve restated consolidated plan of compromise, arrangement and reorganization
(Winnipeg - July 19, 2010) Canwest Global Communications Corp. (“Canwest” or the “Company”) announced today that the affected creditors of Canwest, Canwest Media Inc. (“CMI”) and certain of its subsidiaries (collectively, the “CMI Plan Entities”) have overwhelmingly  approved a restated consolidated plan of compromise, arrangement and reorganization  pursuant to the Companies’ Creditors Arrangement Act (Canada) and the Canada Business Corporations Act (the “Plan”).

The CMI Plan Entities are scheduled to seek approval of the Plan through a Sanction and Vesting Order of the Ontario Superior Court of Justice (Commercial List) (the “Court”) on July 28, 2010. Should the Court approve the Plan, the CMI Plan Entities will proceed with the implementation of the Plan following the receipt of all required regulatory approvals.

At the meetings of affected creditors today, FTI Consulting Canada Inc. (the “Monitor”), in its capacity as the Court-appointed monitor reported that:

(a) The holders of CMI’s 8% senior subordinated notes due 2012 (the “Noteholders”) who provided instructions for voting or otherwise validly voted, registered 100% (in both number and value) in favour of the resolution approving the Plan, and

(b) The CMI Plan Entities’ ordinary creditors and convenience class creditors who voted in person or by proxy registered in excess of 99% (in both number and value) in favour of the resolution approving the Plan.

To be approved, the Plan must be supported by at least a majority by number of affected creditors of the CMI Plan Entities with proven voting claims and represent at least two-thirds in value of the proven voting claims of (a) the beneficial Noteholders that provided instructions for voting or otherwise validly voted at the Noteholders’ meeting, and (b) the ordinary creditors and convenience class creditors that validly voted in person or by proxy at the ordinary creditors’ meeting.  Based on the voting results at the meetings, the Company has achieved these required majorities.  

A copy of the Plan is available on the Monitor’s website at http://cfcanada.fticonsulting.com/cmi

More information about the restructuring 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 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 nine months ended May 31, 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 one of Canada’s largest broadcasting companies. In addition to owning the Global Television Network, operating 19 industry-leading specialty channels and having ownership in 5 specialty channels and more than 20 online properties.

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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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