Not in compliance with financial covenants -- needs to be defined: 9% 421 million debt and Canwest shareholders, demand more disclosure required about this covenant
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"As at May 31, 2009, the Limited Partnership was not in compliance with its financial covenants under its Secured Credit Facilities. From May 2009 to August 2009, the Limited Partnership did not make interest and principal payments on its Secured Credit Facilities and the associated hedging derivative instruments or in respect of its Senior Subordinated Credit Facility or its Senior Subordinated Notes. These payments were not made in order to preserve liquidity to fund operations while the Limited Partnership worked to negotiate a potential recapitalization transaction. As a result of the payment default under the Secured Credit Facilities, the hedging derivative instrument counterparties terminated the secured hedging arrangements and demanded immediate payment of an aggregate of $68.9 million (the “Secured Hedge Obligations”)."
