Does the Goldman Sachs 13.5% loan, with bonus currency swaps, to Goldman Sach CW Investments Canada, (with no interest due until after put excercised) decrease the purchase price, as debt is to be minused from put price? Would not the voluntary interest payment in Aug 09 increase the cost then?
[Non arms length loan, should have been described better in the put debt math minus 2.5 billion detail; only two loans, put minus loan definitions should have disclosed the loan with no interest due affects the put price. ]
Canwest financials yet to disclose that any CW Media Holdings principle payments lowers the Atlantis put price total also; if principle payments do not then any principle and interest payments, increases the total cost of Atlantis; As the put purchase price is minus debt, but does not consider equity, a conundrum.
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[CW Media Holdings, 1/3 owed by Canwest, is not included in CCAA filling, yet the Canwest balance sheet CCAA filing lists all of CW Media Holdings debt.]
CW Media Ho1dins Inc.
INTERIM MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
For the three months ended November 30, 2009 and 2008
January 12, 2010
http://www.canwestmediasales.com/investors/investor_documents/F10/q1/CWMHI_MDA_Q1_2010_FINAL.pdf
Quote, "Neither our company nor our wholly owned and non-wholly owned subsidiaries are included as part of the CCAA filing."
LIQUIDITY AND CAPITAL RESOURCES
Overview On an ongoing basis, our principal uses of funds are for capital expenditures of approximately$5.0 million to $7.0 million per year, our CRTC benefit obligation of approximately $22.1 million per year and debt servicing. We anticipate meeting these requirements by using cash generated from operating activities and through borrowings under our revolving credit facility. We believe that these sources of funds, together with our cash on hand will be adequate to meet our currently anticipated needs. For the remainder of fiscal 2010, we expect our major cash requirements to include mandatory principal repayments under our Senior Secured Credit facility of $3.6 million, CRTC benefit obligation expenditures of $19.7 million, of which $1.8 million will be funded by Canwest, and capital expenditures of $4.7 million. In addition, based on our current projections, we intend to pay the accrued interest of U.S.$22.8 million under our Senior Unsecured Notes in cash on February 15, 2010, relating to the period from August 16, 2009 to February 15, 2010.
