Collation of Canwest shareholders and 9% noteholders, shout that the CCAA proceeding and Justice Pepall''s including the newspapers is fraud. Lenders filing a CCAA filing is not a CCAA filing, but a petition for Chapter 11
No benefit for the 9% 421 million US unsecured notes; as no filing their unsecured debt being honoured in the IPO newpaper spin off. Justice Pepall order to include the seperate Canwest newspaper corporation in a double CCAA filing, the unsecured 9% noted get nothing. Therefore the CCAA order to inculde the newspapers in effect steals the newspapers from both the shareholders and the unsecured 9% 421 million notes.
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Crisis for unsecured debt holders in Canada: CCAA proceeding is a sham to force a newspapers CCAA filing; not included in original filing
CCAA adding newspapers to CCAA filing, has the 400 million 9% note unsecured; whereas without filing the newspapers the 400 million 9% notes would be respected
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Note Canada's newspaper shareholders and 400 million 9% lenders told Canada's flagship newspapers are being expropriated and that neither the shareholders or the 400 million unsecured debtholders get a penny.
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Note that in 2007 on buying back newspaper income trust, that the 9% notes are part of a new debt package for Canwest newspapers. Secured and unsecured debt not independent the various debts.
[Shaw buying up Canwest debt, says owns Canwsest then. Like can buy up the debt of a company and tell shareholders their shares expropriated without compensation.
1. BASIS OF PRESENTATION AND GOING CONCERN
Creditor Protection
On January 8, 2010, Canwest (Canada) Inc., Canwest Publishing Inc. (“CPI”), and Canwest Books Inc.
(collectively the “LP Applicants”), applied for and obtained an order (the “Initial Order”) from the Ontario
Superior Court of Justice (Commercial List) (the “Court”) granting creditor protection under the
Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). The Initial Order applies to the LP
Applicants and Canwest Limited Partnership (“Canwest LP” or the “Limited Partnership”) (collectively, the
“LP Entities”). National Post Inc., a wholly owned subsidiary of CPI, which owns and operates the
National Post newspaper, is not included in the CCAA filing. The Initial Order, among other provisions,
provides for a general stay of proceedings that has been extended to June 30, 2010 and may be further
extended by the Court. The Initial Order can be further amended by the Court throughout the CCAA
proceedings based on motions from the LP Entities, their creditors and other interested parties. For
additional information, see the discussion below under “Creditor Protection and Going Concern” and note
3, “CCAA Proceedings”.
