Judge Pepall does not reference this in her decision documents: why?
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http://www.cbc.ca/money/story/2009/02/24/f-canwest.html?ref=rss
"In all the media coverage, what is often overlooked is that Canwest's businesses are highly profitable and generate well over $500 million a year in operating profits," Asper wrote.
"We are in the midst of a very structured process that has a number of checkpoints. Getting a financial agreement with our lenders is one of those checkpoints, as is potentially selling some assets ... reducing our cost structures and finding new sources of revenue.
One important checkpoint came mid-March when Canwest was due to make a $30.4-million US interest payment on some of its outstanding debt.Read more:
annual report 09
In March 2009, Canwest Media Inc. (“Canwest Media”) did not make an interest payment which was due on its 8% senior subordinated unsecured notes and was in default under the terms of that indenture.
p53 09annual report
From May 2009 to August 2009, Canwest Limited Partnership did not make interest or principal payments that were due under the terms of its senior secured credit facilities.
