Newspaper rackeetering not to report the discount sales of Canwest debt
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http://www.theglobeandmail.com/report-on-business/goldentree-driving-force-in-canwest-reorganization/article1565505/
Quote, "When CanWest Global Communications Corp. started defaulting on debt related to its newspaper operations last year, the company soon came up against GoldenTree Asset Management.
The New York-based fund specializes in distressed assets and it quickly became a driving force behind CanWest’s reorganization, which culminated in a proposed sale of the newspaper division this week to a group that includes GoldenTree.
For months last year, court filings show GoldenTree bought up a majority of more than $300-million (U.S.) worth of notes issued by CanWest and then pulled together a committee of creditors to press their case. The fund waged fierce battles over everything from the hiring of lawyers and financial advisers to the ultimate sale process for the papers, court filings show.
None of this aggressive posturing should have surprised CanWest."
