National Post, Global TV seek creditor protection -

National Post, Global TV seek creditor protection

Canwest’s flagship newspaper and TV station among several outlets to file for protection


Canwest announced Tuesday that Global Television, MovieTime, DejaView, Fox Sports World and the National Post will voluntarily file for creditor protection under the Companies’ Creditors Arrangement Act. “This is not bankruptcy,” Canwest vice-president John Douglas said. “Bankruptcy is liquidation and that is not at all what this is. This is what they call a strategic filing.” The debt-laden Canwest is currently undergoing a massive restructuring, a process expected to take the next four to six months and during which the company will receive an investment of up to $15 million dollars from CEO Leonard Asper and his family. Canwest’s current shareholders will own only 2.3 percent of the company after the restructuring, as tens of millions of dollars worth of new stock is issued.Canwest’s daily newspapers, such as the Montreal Gazette and Ottawa citizen, are, so far, not planning to file for creditor protection.

CBC News

Filed under:

National Post, Global TV seek creditor protection

  1. As far as Global goes, good riddance. Last time I looked at their programming schedule the daytime was mainly infomercials and primetime was recycled American shows.

    It should all be called DEJA VIEW.

  2. this is kinda off topic but i wanted to write on that new lotto max scam ! how is it that for 5 consecutive weeks no one wins and their sales are through the roof (DOUBLE 6/49) the only difference between that of lotto max and super 7 theoredically is the name. My friend predicted exactly what was going to happen its crazy , he said no one will win until it hits 50 million because its new and he said the numbers will be identical to the last draws numbers because its under 20 and ur odds are worse for hitting wow ….. he nailed that one. CAN YOU SAY RIGGED !!!!!!!!!!!!