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  1. #21
    Quote Originally Posted by TVViewer View Post
    And second, I can't believe people are cheering about a company going bankrupt, someone even got excited that they would shut down a local station. Try to remember that thousands of good people work at Canwest. Wouldn't it be great if the companies you work for all shut down and you all lost your jobs?
    My thoughts exactly. I'm stunned as well.

  2. #22
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    Canwest Press Release #1:

    committee of 8% noteholders with respect to a recapitalization

    Operations to continue uninterrupted during recapitalization process

    Certain Canwest business units to file for creditor protection to implement recapitalization

    Up to $100 million in DIP financing secured
    (Winnipeg – October 6, 2009) Canwest Global Communications Corp (“Canwest” or the “Company”) announced today that it has entered into an agreement with members of the ad hoc committee of 8% senior subordinated noteholders (the “Ad Hoc Committee”) of Canwest Media Inc. (“CMI”) pursuant to which it intends to pursue a recapitalization transaction.

    The proposed recapitalization transaction is supported by members of the Ad Hoc Committee representing over 70% of the 8% senior subordinated notes issued by CMI and represents the culmination of arm’s length discussions between the CMI Entities and the Ad Hoc Committee. A Support Agreement and Recapitalization Term Sheet, which contains the summary terms and conditions of the proposed recapitalization of the CMI Entities, has been executed by CMI Entities and the Ad Hoc Committee (the “Recapitalization Agreement”). The recapitalization transaction will ensure that a recapitalized CMI will be a stronger industry competitor with a renewed financial outlook.

    The Company believes that entering into this agreement and implementing a Court supervised and consensual recapitalization plan represents the best alternative for the long-term interests of the CMI Entities, its approximately 1,700 employees, suppliers, customers and other stakeholders.

    To advance the recapitalization transaction and in accordance with the Recapitalization Agreement, the Canwest Board has authorized certain Canwest business units including Canwest, CMI, Canwest Television Limited Partnership (including Global Television, MovieTime, DejaView and Fox Sports World) as well as The National Post Company (the “CMI Entities”) to voluntarily file for creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) in order to implement the recapitalization plan.

    The CMI Entities’ operations will continue uninterrupted during the recapitalization process. The CMI Entities’ have approximately $65 million of cash (following the recent sale of the shares of Ten Network Holdings Limited) and have arranged debtor-in-possession (“DIP”) financing of up to $100 million to enable its business units to meet their obligations to employees and suppliers of goods and services provided after the filing date.

    “This pre-packaged financial restructuring is intended to minimize business disruption and preserve the value of these business operations,’’ Canwest President and CEO Leonard Asper said. “Because it has the support of the Ad Hoc Committee, we believe that we can use the stability offered by the CCAA to implement this plan in four to six months, which will renew the financial prospects of our operations and put Canwest on a stronger footing for the future.”

    Under the proposed recapitalization, creditors of the CMI Entities whose claims are compromised under the plan of arrangement, including the holders of the CMI 8% Notes, will receive common shares of a restructured Canwest. Existing shareholders of the Company will receive 2.3% of the shares of a restructured Canwest. It will be necessary for the Company to obtain new equity financing in the amount of at least $65 million. The percentage of the equity of a restructured Canwest to be received by affected creditors will be dependent on the percentage of equity sold to new investors. Leonard Asper and members of his family have reached an agreement with the Ad Hoc Committee on terms which the Ad Hoc Committee would support for the investment by the Asper family of up to $15 million in connection with the recapitalization. The Asper family’s commitment would be subject to a number of conditions, including securing a co-investment from one or more Canadians, acceptable to all parties. Canwest has not made any determination with respect to the terms of any proposed equity investment by the Aspers or any other parties but welcomes the commitment of the Asper family to assist Canwest in achieving a successful recapitalization.

    The Support Agreement contemplates that the CMI Entities will work with the members of the Ad Hoc Committee to pursue a plan of arrangement in order to implement the proposed recapitalization, which will be subject to the approval of the creditors of the CMI Entities at a meeting of creditors to be held this year as well as various regulatory approvals, including the approval of the Canadian Radio-television and Telecommunications Commission and the Toronto Stock Exchange, and the approval of the Court.

    The support of the proposed recapitalization by the Ad Hoc Committee is subject to the satisfaction of a number of conditions and the Support Agreement may be terminated in certain events.

    Protection under the CCAA will provide the CMI Entities with the time and stability to implement an orderly consensual recapitalization transaction while continuing their day-to-day operations. This CCAA filing only applies to the CMI Entities whose businesses account for approximately 30% of the Company’s revenues. The filing does not include CW Media’s stable of specialty channels acquired from Alliance Atlantis in 2007, TVtropolis, Mystery TV or Men TV. Canwest Limited Partnership – the Company’s Canadian publishing and associated online and mobile operations – has also been excluded from the filing. As previously announced, Canwest Limited Partnership has entered into a forbearance agreement with its senior lenders to October 31, 2009. During this period, the senior lenders of the Limited Partnership have agreed, subject to certain conditions, not to exercise their legal right on debts owed by the Limited Partnership. (See Backgrounder at the end of the release for a complete listing of properties covered by and outside the filing.)

    “Throughout this process, all our operations will continue uninterrupted including a strong programming lineup on Global and our specialty channels,’’ Mr. Asper said. “Our business operations remain strong and our stable of media brands continue to lead their markets.”

    He added: “As always, our priority remains serving our customers – the 20 million Canadians who turn to us every week as their source of news, information and entertainment as well as the advertisers who rely on Canwest brands to deliver the audiences that they want to reach.“

    The Company will continue its discussions with a number of its key stakeholders and third parties together with representatives of the Ad Hoc Committee as it pursues the proposed recapitalization.

    Canwest Press Release #2


    Canwest Successfully Obtains Court Order for Creditor Protection

    (winnipeg – October, 6, 2009) Canwest Global Communications Corp (“Canwest” or the “Company”) announced that further to its news release issued earlier today, the Company, Canwest Media Inc, Canwest Television Limited Partnership (including Global Television, MovieTime, DejaView and Fox Sports World), The National Post Company and certain subsidiaries (the “CMI Entities”), have voluntarily entered into, and successfully obtained an Order from the Ontario Superior Court of Justice (Commercial Division) commencing proceedings under the Companies’ Creditors Arrangement Act (“CCAA”).

    The CMI Entities’ commencement of these proceedings was undertaken in furtherance of a proposed recapitalization transaction that is supported by over 70% of holders of the 8% senior subordinated notes issued by CMI (the “Recapitalization Transaction”).

    The CMI Entities’ operations will continue uninterrupted during the recapitalization process and obligations to employees and suppliers of goods and services provided after the filing date will continue to be met after the filing date. Canwest management remains responsible for the day-to-day operations of the CMI Entities. The Company also announced that it has secured debtor-in-possession (“DIP”) financing of up to $100 million. The additional liquidity provided by the proceeds from the sale of TEN Network Holdings Limited’s shares, combined with the Company’s operating revenue and the DIP financing are intended to provide sufficient liquidity to meet ongoing obligations and ensure that normal operations continue without interruption while the Recapitalization Transaction is implemented.

    “Throughout this process, all our operations will continue uninterrupted,’’ Canwest President and CEO Leonard Asper said. “We are firmly committed to moving quickly to restructure the company and emerge from creditor protection financially stronger and more competitive.”

    As a term of the Initial Order, FTI Consulting Canada Inc., will serve as the Court-appointed Monitor in the CCAA proceedings to oversee the operations of the CMI Entities and report to the Court during the recapitalization. The Monitor will also assist the Company in implementing its restructuring plan.

    A special committee of the Canwest Board of Directors will oversee this process and it has retained Mr. Hap S. Stephen as a Chief Restructuring Advisor to lead and manage the restructuring process. Regular operations will continue to be managed by existing management.
    My views are my own and do not represent any company.

  3. #23
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    I seriously doubt the company will fold. More that another company/companies will take it over in parts.

  4. #24
    Quote Originally Posted by NakedGord View Post
    I seriously doubt the company will fold. More that another company/companies will take it over in parts.
    Shaw could take it over, and kill the FFC campaign.

  5. #25
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    The new Canwest Global will be owned by the bondholders, Aspers and another Canadian investor (TBA; due to ownership regulations). The Aspers are injecting new money into the company otherwise they would be shutout of the company that will emerge from ceditor protection. Less than 3% of the company will be owned by the former shareholders. That's the read I get on this situation, can anyone clarify further?

    Quote Originally Posted by NakedGord View Post
    I seriously doubt the company will fold. More that another company/companies will take it over in parts.

  6. #26
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    First, as ProTV mentioned, it's creditor protection. Get your facts straight.
    I know my facts but it appears you and your sidekick are just spouting garbage as usual Creditor protection is part of bankruptcy law in Canada. Its part of the The Companies’ Creditors Arrangement Act, which is the act governing corporations! Canwest has debt up to their eyeballs and from what I can see they do not have the funds or means to be able to pay it back- that in my book means they are BANKRUPT!!!!!!!!!!

    Creditor protection is the first part of bankruptcy where the corporation has the opportunity to restructure and come to an agreement with their creditors. Here's a little fact lesson for ya:

    The Companies’ Creditors Arrangement Act (CCAA) is a federal bankruptcy law that governs insolvency of companies and corporations. Essentially, it preserves the rights of the company and creditors, or people they owe money to, and details the responsibilities of the court, the corporation, and the creditors.
    Oh and it seems I am not the only one who is referring to this as bankruptcy, here's some more facts:

    http://news.yahoo.com/s/ap/20091006/...t_bankruptcy_5

    http://entertainment.yahoo.ca/s/afp/...siness_canwest

    http://www.cbc.ca/canada/story/2009/...ankruptcy.html

  7. #27
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    Quote Originally Posted by ProTV View Post
    Shaw could take it over, and kill the FFC campaign.
    If whoever ends up owning it isn't into media per se (like a holding company) if he's interested they should hire Znaimer to run it ~ he knows how to get viewers and do it on a tight budget.

  8. #28
    Quote Originally Posted by NakedGord View Post
    If whoever ends up owning it isn't into media per se (like a holding company) if he's interested they should hire Znaimer to run it ~ he knows how to get viewers and do it on a tight budget.
    That wouldn't be the worst idea in the World.

  9. #29
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    You probably know the saying about opinions and assholes - everyone has one.
    WOW, just WOW?!

    I guess anything goes on this forum, including insulting members for no reason other then they just expressed an opinion. I guess civility is out the window for this forum, great job mods looks like the inmates are running the asylum here- Congrats!

  10. #30
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    Quote Originally Posted by CDN Viewer View Post
    WOW, just WOW?!

    I guess anything goes on this forum, including insulting members for no reason other then they just expressed an opinion. I guess civility is out the window for this forum, great job mods looks like the inmates are running the asylum here- Congrats!
    This coming from the person that is jumping for joy when you thought about thousands of people losing their jobs (you even said you hope CTV is next).

    Not once did you ever say, "I feel sorry for the thousands that work there"

    I know this will most likely ruin your day, but Canwest did not go bankrupt, it's under creditor protection, and Asper has said it wont leave to significant job losses.
    My views are my own and do not represent any company.

  11. #31
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    Quote Originally Posted by CDN Viewer View Post
    Its seems you don't have your facts straight either?!
    No I do, it's very clear that you actually thought Canwest was going bankrupt (you even said you hope CTV is next) thankfully you were wrong.
    My views are my own and do not represent any company.

  12. #32
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    This coming from the person that is jumping for joy when you thought about thousands of people losing their jobs (you even said you hope CTV is next).

    Not once did you ever say, "I feel sorry for the thousands that work there"
    How do you know what I am doing and how I feel- stop twisting things and focus on the facts. Why should I care that a big corporation is going down, I have my own problems to deal with I don't need to worry about some stupid conglomerate.

    I think you should be directing your anger and hatred towards the Aspers, they are the ones that ran the company into the ground and THEY are the ones to blaim if anyone or everyone loses their job (which I seriously doubt will happen). Ask Junior if he feels sorry for the people that have lost their jobs, he doesn't give a rats a$$, guaranteed.
    Last edited by CDN Viewer; 10-06-2009 at 04:29 PM.

  13. #33
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    Quote Originally Posted by CDN Viewer View Post
    Ignoring the FACTS that is not good, You yourself said it went bankrupt now you are hammering me for saying something similar- go look up the word HYPOCRITICAL ;)



    How do you know what I am doing and how I feel- stop twisting things and focus on the facts. Why should I care that a big corporation is going down, I have my own problems to deal with I don't need to worry about some stupid conglomerate.

    I think you should be directing your anger and hatred towards the Apsers, they are the ones that ran the company into the ground and THEY are the ones to blaim if anyone or everyone loses their job (which I seriously doubt will happen). Ask Junior if he feels sorry for the people that have lost their jobs, he doesn't give a rats a$$, guaranteed.
    No, the point of my post was how horrible you were for cheering about a company going bankrupt. I never said Canwest is bankrupt, my point was that you thought it was, and you were jumping for joy. My post was pointing out how horrible yourself and other posters were acting when you thought Canwest was bankrupt.

    You made it very clear how you feel, you just said "why should I care that a big corporation is going down" IF Canwest were to go bankrupt (and judging by the title and your first posts you thought it was) jobs would be lost, and you were as happy as can be. That's sick.
    My views are my own and do not represent any company.

  14. #34
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    Moderator Warning

    Please keep things civil folks, we've warned before about personal insults being hurled around. Respect the opinions of others please.

  15. #35
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    Canwest Employee Numbers

    TVViewer, do you have any numbers to back up your claims of "thousands" of employees. Specifically in the Canwest broadcast section.

    I'm having a hard time seeing it being thousands considering how much consolidation they have done over the years by centralizing control rooms, etc.

    Maybe a few years ago when each station was a stand-alone structure but now that they've consolidated so many operations I'd be surprised if the broadcast sector of Canwest has 1000 across the country let alone "thousands".

    Right now they have 10 O&O stations, without including satellite operations in Lethbridge .. are there really 100+ employees still working at each of these? And the specialties are all running from one or two locations with a lot of them on basically auto-pilot thanks to the computer age .. so .. thousands?

  16. #36
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    Quote Originally Posted by CDN Viewer View Post
    Its seems you have a short term memory, here is what you said and I quote:
    Did you even read the last post I made?

    I said "I can't believe people are cheering about a company going bankrupt" that post was directed at you and the others who were jumping for joy about the thought of a company going bankrupt. In the same post I also pointed out that Canwest was not going bankrupt, and that it was just creditor protection. I never said Canwest is bankrupt, I was saying how horrible you all were for being so happy about the thought of it.
    My views are my own and do not represent any company.

  17. #37
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    Quote Originally Posted by Tripster View Post
    TVViewer, do you have any numbers to back up your claims of "thousands" of employees. Specifically in the Canwest broadcast section.

    I'm having a hard time seeing it being thousands considering how much consolidation they have done over the years by centralizing control rooms, etc.

    Maybe a few years ago when each station was a stand-alone structure but now that they've consolidated so many operations I'd be surprised if the broadcast sector of Canwest has 1000 across the country let alone "thousands".

    Right now they have 10 O&O stations, without including satellite operations in Lethbridge .. are there really 100+ employees still working at each of these? And the specialties are all running from one or two locations with a lot of them on basically auto-pilot thanks to the computer age .. so .. thousands?
    I was talking about all of Canwest. When Canwest cut 560 jobs, that was 5% of it's work force.

    No each station doesn't have over 100 employees, however just want to point out that Global Lethbridge is not a satellite operation. They have their own studio with their own anchors/reporters/weather/sports ect.. and produce their own News Hour at 6:00PM and News Final at 11:00PM.
    My views are my own and do not represent any company.

  18. #38
    Quote Originally Posted by CDN Viewer View Post
    WOW, just WOW?!

    I guess anything goes on this forum, including insulting members for no reason other then they just expressed an opinion. I guess civility is out the window for this forum, great job mods looks like the inmates are running the asylum here- Congrats!
    Same thing was said to me at DHC many years ago. All I thought was, great jobs, Mods!

  19. #39
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    Quote Originally Posted by TVViewer View Post
    I was talking about all of Canwest. When Canwest cut 560 jobs, that was 5% of it's work force.

    No each station doesn't have over 100 employees, however just want to point out that Global Lethbridge is not a satellite operation. They have their own studio with their own anchors/reporters/weather/sports ect.. and produce their own News Hour at 6:00PM and News Final at 11:00PM.
    According to the Wikipedia page for Canwest ...

    http://en.wikipedia.org/wiki/Canwest

    .. they had 2,178 in 2008.

    Or for more details ...

    http://zenobank.com/index.php?symbol...ge=quotesearch

    .. which says they have 2,171 ... audited by PRICEWATERHOUSECOOPERS LLP

    Where did the other 8,000 or so employees go?? :)

  20. #40
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    Quote Originally Posted by TVViewer View Post
    Not once did you ever say, "I feel sorry for the thousands that work there"
    Well, I do wish for Global Quebec to shut down for various reasons:
    - I don't even know if there's still a newscast over here. I see "Global National", I see "Evening News", I see "News Hour", I see "News Final" and I don't know which one has local news. I fail to see "CKMI 46 News" or "Global Quebec News".
    - News are not the most watched in this area, CFCF kick their ass for years. Probably because abovementionned reason.
    - You kept repeating in other threads than Global Quebec doesn't make money, in fact, it's a losing money station. When you go bankrupcy, what's the point of keeping such station on the air, not making any profit, every day ?
    - All of the jobs at the core of the station are gone already, everything controlled from, Winnipeg, Calgary, Vancouver, or wherever the damn datacernter is located.
    - 94% of primetime programming (sunday to friday, 8pm to 11pm) is US programming already available on Cable.

    All in all, the few remaining jobs will be lost, but nobody will cry over the loss of the station, at least in this province.

 

 

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