Bogus missed interest payment, Ten proceeds dispersed before Oct6 CCRR filing, yet September interest payment defaulted on
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http://www.canwestmediaworks.com/investors/investor_documents/F10/q1/Canwest_Q1_2010_Release.pdf Quote, " Canwest Media Inc. CMI is in default under the terms of its 8% senior subordinated unsecured notes indenture as a consequence of the non payment of interest due in September 2009."
http://www.canwestglobal.com/media/viewNews.asp?NewsroomID=1080
Winnipeg – September 23, 2009)
Canwest shareholders treasury, cash reserves given away
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to repay in full all amounts outstanding under the 12% senior secured notes of US$95 million (CDN$102 million) issued by CMI and Canwest Television Limited Partnership;
"CDN$85 million for general corporate and working capital purposes, including to repay all outstanding borrowings (other than letters of credit) under the senior secured revolving asset-based loan facility with CIT Business Credit Canada Inc., which facility will continue to remain available to CMI after the repayment; and
to deposit US$398 million (CDN$426 million) with the trustee for the benefit of the holders of the 8% senior subordinated notes.
[Canwest shareholders treasury ten proceeds cash reserves advantage given to get the deal of 2.3 percent of new company, a joke.] "The sale of the shares of Ten Holdings is expected to facilitate continuing discussions with the Ad Hoc Committee regarding a recapitalization transaction. "
