Canwest CCAA filings costs ignored, Canwest shareholders made a profit
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[Current news reports out, ex, Torstar, mention that the 46 million lose, without saying saying that the CCAA filing expensed in the 2nd quarter is 52 million. Note also the 30 million Goldman Sachs put writedown in second quarter. Canwest shareholders making nearly million every three days, yet only offered how much before Shaws' offer?]
Publishing unit operating profit of $41 million for quarter. Excellant.]
http://www.marketwatch.com/story/canwest-global-communications-corp-reports-second-quarter-2010-results-2010-04-13?reflink=MW_news_stmp
http://www.canwest.com/newsroom/PDFs/News_221.pdf
http://www.canwestglobal.com/investors/investor_documents/F10/q2/CGCC_FS_Q2_2010_FINAL.pdf quarterly report
30 million expense in 2nd quarter,
in value of Goldman Sachs dealAccretion of long-term liabilities. For the three months ended February 28, 2010, we have recorded an accretion expense of $33 million compared to $10 million in the same period in fiscal 2009 related to the discounting of certain long-term liabilities which are accreted to their estimated value over the term of these liabilities. The charge is primarily related to the Goldman Sachs puttable interest in CW Media which is classified as a financial liability with an estimated accretion of 19%. We estimate the fair value of the puttable interest liability based o management’s forecasts.
balance sheet list 20 and 25 million directly**
Reorganization items. For the three months ended February 28, 2010, we recorded $57 million of incremental costs directly related to our CCAA proceedings compared to $2 million in the same period in fiscal 2009.
