CanWest filing for Chapter 11(bankruptcy protection)
Last Updated on Tuesday, 06 October 2009 07:23 Written by John Bain Tuesday, 06 October 2009 07:11
The tallest castle in Winnipeg forgot to build a moat!
CanWest filing for bankruptcy protection
CJOB News Team reporting
10/6/2009
CanWest Global Communications will seek court protection under the Companies' Creditors Arrangement Act.
The financially beleaguered Winnipeg-based company has been struggling under a mountain of debt for some time... and will file for creditor protection under a deal with a key group of creditors as it seeks Canadian court approvals for a restructuring.
Among the company's assets filing for creditor protection are Global Television, a number of other tv properties and the National Post.
CanWest has been selling pieces of its business in recent weeks to show lenders that it's making progress on reworking its operations.
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