Missed Sept 15 default allows 8% noteholders to demand full principle repayment: default cannot be voluntary; especially when Canwest had half billion in cash arriving in two weeks
http://webcache.googleusercontent.com/search?q=cache:5V3xRGLq61kJ:65.200.149.14/cmi/docs/Tab%25202%2520-%2520Application%2520Record.PDF+maguire~affidavit&cd=1&hl=en&ct=clnk&gl=ca
p.51 Quote, "In addition, CMI did not make, and does not have the necessary liquidity to make, an interest payment in the amount ofUS$30.4million that was due and payable on September 15, 2009 under the 8% Senior Subordinated. Notes and therefore cannot satisfy its debts as they become due. None of the other CMI Entities which are guarantors of the 8% Senior Subordinated Notes can make such payment and are thus insolvent."
